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Electric Acquires Water Utility

Fortnightly Magazine - February 15 1997

NIPSCO has agreed

to acquire IWC Resources Corp., the parent of Indianapolis Water Co., for $288 million, prompting a look at credit ratings.

In response to the agreement, Moody's Investors Service is considering a ratings downgrade of IWC ('A1' senior secured). Moody's also confirmed the ratings of NIPSCO Industries, Inc. ('baa3' preferred stock) and its operating subsidiary, Northern Indiana Public Service Co. ('A2' senior secured).

Moody's will examine the amount of cash Indianapolis Water may have to contribute to NIPSCO, and the impact it could have on its credit profile. The transaction is likely to be financed with a combination of common stock and new debt. (em LB

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