The ability to reach generally constructive regulatory outcomes; Regulated utility operations that should provide virtually all of operating cash flows; Satisfactory operating performance with reduced dependence on purchased power; Materially reduced merchant generation exposure; and A lack of competitive pressures in the service territory. Cleco Power's base rates are frozen for four years; Average to below-average demographic characteristics and exposure to cyclical industrial load; and Aggressive financial policies. The ratings on Cleco Corp. reflect the company's excellent business risk profile and aggressive financial risk profile. Cleco Corp. owns Cleco Power LLC, a regulated electric utility, and Cleco Midstream Resources LLC, a merchant generation subsidiary. Pineville, La.-based Cleco Corp. had $1.44 billion of adjusted debt as of June 30, 2011. Cleco
