Summary: Alliant Energy Corp.

Utility operations benefit from generally constructive regulatory frameworks Modest operating and regulatory diversity with operations in two states Active efforts to effectively manage resource portfolio in light of existing and pending environmental compliance rules Lack of unregulated operations supports the company's business risk profile Large planned capital spending program leads to negative discretionary cash flow Some expected weakness in financial performance through 2016 primarily due to rate freezes Need for rate relief by 2017 to preserve the "significant" financial risk profile The stable outlook on Alliant Energy Corp. and its utility subsidiaries Interstate Power&Light Co. (IPL) and Wisconsin Power&Light Co. (WPL) is based on our expectation that the company will maintain its "excellent" business and "significant"

...Active efforts to effectively manage resource portfolio in light of existing and pending environmental compliance rules...

Summary