RNS Number:7439P
International Power PLC
14 September 2003

               International Power Notes Rating Downgrade of
          ANP Funding I Credit Facility by Moody's Rating Agency


(London - Monday, 15 September 2003) International Power notes rating downgrade
by Moody's on 12 September 2003 of the ANP Funding I, LLC credit facility from
Baa3 (investment grade) to Ba3 (non-investment grade).  The Company's overall
corporate credit rating remains unchanged at Ba3, the same level since
International Power's inception in October 2000.


The ANP credit facility was raised in June 2001 to finance International Power's
3,890 MW merchant power plant construction programme in the US.  The
construction programme was fully completed in December 2002 and the debt is not
due to mature until June 2006.


In light of the tough pricing conditions in North America, a possible rating
change of the ANP facility has been anticipated by International Power for some
time, and provisions have been made within the group's funding headroom to
manage any new collateral requirements as a result of this downgrade.


For further information: -

Media contact:
Aarti Singhal
+44 (0)20-7320-8681

Investor contact:
Grant Jones
+ 44 (0)20-7320-8619


Notes to Editors: -

As at 30 June 2003, the outstanding ANP Funding debt totalled #615 million.

International Power plc is a global independent power producer with 10,990MW
(net) in operation and 610MW (net) under construction. Among the countries where
International Power has facilities in operation are Australia, the United
States, the United Kingdom, the Czech Republic, Oman, the UAE, Portugal, Turkey,
Malaysia, Pakistan, and Thailand. International Power was created in October
2000 and its shares are traded on the London Stock Exchange, and as ADRs on the
New York Stock Exchange under the ticker symbol "IPR".




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