On May 9, 2007, Standard&Poor's Ratings Services affirmed its 'BBB' corporate credit ratings on Cleco Corp. and its subsidiary Cleco Power LLC. The outlook is negative. Cleco is a Pineville, Louisiana-based diversified energy company with $669 million of recourse debt as of Dec. 31, 2006. The rating affirmation is the result of Cleco's annual review and reflects the company's satisfactory business risk profile that accounts for a stable but slow-growing electric utility, Cleco Power LLC, a generally supportive regulatory environment, and the construction and financing risk stemming from Rodemacher Unit 3 generation facility. The rating action also reflects expectations of an aggressive financial profile and weak credit protection measures during the construction phase of the new plant, before
