NEW YORK (Standard&Poor's) April 24, 2003--Standard&Poor's Ratings Services noted today that a Missouri court has voided the approval of Aquila Inc.'s (B/Negative/--) $270 million purchase of St. Joseph Light&Power Co. 2-1/2 years after the purchase was approved and consummated. The court found that the Missouri Public Service Commission failed to decide whether a $92 million premium paid by Aquila for the St. Joseph utility might be recovered from its customers. This development adds some uncertainty to Aquila's ability to pledge its Missouri utility assets in the future as collateral for its new financing arrangements. Standard&Poor's will continue to monitor the effect on Aquila's restructuring plan if a reversal of the merger is
