NEW YORK (Standard&Poor's) July 15, 2003--Standard&Poor's Ratings Services said today that the bankruptcy filing of Mirant Corp. is not expected to have a direct, immediate effect on the credit ratings of Cleco Corp. (BBB/Negative/--) despite its potential to delay or disrupt the sale of the 725 MW Perryville power plant to a subsidiary of Entergy Corp. Mirant is involved through a long-term tolling agreement with Perryville. The sale of the wholly owned plant is an important part of the company's efforts to improve credit quality by reducing exposure to the merchant power market. The transaction would also strengthen the company's credit-protection measures as sale proceeds are used to reduce indebtedness and the project financing attached to
