Refinances

Aquila Inc. completed a $630 million refinancing package on Friday, including a one-year $200 million loan to its Australian subsidiary, UtiliCorp Australia Inc., but its corporate credit rating was downgraded to “B” from “B+” by Standard and Poor’s (S&P), reflecting concerns about the company’s heavy reliance on asset sales to reduce debt levels and its projected weak cash flows from operations. S&P assigned a “B+” rating to Aquila’s three-year $430 million senior secured credit facility.