NEW YORK (Standard&Poor's) April 23, 2003--Standard&Poor's Ratings Services said today that Aquila Inc.'s (B/Negative/--) announcement that it has reached an agreement to sell its Australian power and gas interests to Australian-based companies AMP Ltd. and AlintaGas Ltd. for $590 million is positive for the company's credit quality. The asset sale demonstrates management's commitment to its restructuring plan and ability to prepay obligations under its new 364-day secured credit facility. The event does not constitute a basis for rating actions, however, because the current ratings reflected the expectation of the asset sale.
