NEW YORK (Standard&Poor's CreditWire) May 8, 2000--Standard&Poor's today lowered the ratings on Cleco Corp. (Cleco) and its utility subsidiary Cleco Utility Group Inc. (see list below). At the same time, Standard&Poor's assigned a triple-'B'/triple-'B'-minus rating to Cleco's $200 million Rule 415 shelf registration of senior unsecured securities and subordinated debt. Proceeds of the debt are to be used to fund the company's equity investment in two nonregulated generation projects under construction in Louisiana. The outlook for both companies remains negative. Cleco is a holding company for the regulated Cleco Utility and various nonregulated businesses including Cleco Midstream Resources LLC, the holding company for Cleco's nonregulated generating projects and energy trading and marketing activities. The
