The Louisiana Public Service Commission issued its order approving an investor consortium's acquisition of Pineville, La.-based Cleco Corp. for about $4.7 billion. We are lowering our issuer credit rating on Cleco Corp. to 'BBB-' from 'BBB+'. We are also affirming our 'BBB+' issuer credit rating on utility subsidiary Cleco Power LLC and the 'BBB+' rating on the company's senior unsecured debt. We are removing the ratings from CreditWatch with developing implications, where we placed them on Feb. 25, 2016. We are assigning our 'BBB-' issue-level credit rating to Cleco Corp.'s proposed $1.35 billion senior unsecured term loan and to the company's proposed $100 million revolving credit facility. The stable outlook for Cleco Corp. and Cleco Power reflects our expectation that
