S/P UPGRADES IOWA-ILLINOIS GAS <IWG> PREFERRED
Standard and Poor's said it upgraded
31 mln dlrs of preferred and preference stock of Iowa-Illinois
Gas and Electric Co.
    It raised the preferred stock to AA-minus from A-plus and
preference stock to A-plus from A and affirmed Iowa-Illinois'
AA senior debt, AA-minus subordinated debt and A-1-plus
commercial paper. The utility has 350 mln dlrs of debt
securities outstanding.
    S and P said the upgrade reflected the firm's overall
strong profile, high quality earnings and cash flow, and
prospects for modest preferred and preference stock usage.
 Reuter
