Dynegy unit renegotiating asset sale

NEW YORK, June 9, 2003 — Standard & Poor’s Ratings Services said Monday that the uncertainty surrounding the sale of Dynegy Inc.’s (B/Negative/–) transmission system, owned by its subsidiary Illinois Power Co., will not affect Dynegy’s credit quality.

The $239 million sale to Trans-Elect Inc., which was announced in October 2002, has met opposition by the FERC, which objected to some of the terms of the agreement. This has resulted in the termination of the transaction.

However, Dynegy has announced it is renegotiating an earlier agreement. Standard & Poor’s will continue to monitor the situation.

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