Georgia Power Co. Oct 09
Standard & Poors, October 2009
Abstract
A generally constructive regulatory environment in Georgia; Large customer base with historically above-average customer growth and no meaningful customer concentration; Strong operating performance; Competitive rate structure; Stable consolidated cash flows; and Operating and regulatory diversity on a consolidated basis. Significant capital expenditures, including for environmental compliance; Economic slowdown in the Georgia economy; Business risk increase due to planned construction of new nuclear plants; Material deferred fuel costs; and Aggressive adjusted consolidated debt leverage. The ratings on Georgia Power Co. (GPC) reflect the consolidated credit profile of its parent, Southern Co. Southern Co. has an excellent business risk profile characterized by stable regulated electric utility operations in Georgia, Alabama, Mississippi and Florida, which contribute more than 90% of consolidated operating income....
Companies mentioned in this report are: Georgia Power Co.,Alabama Power Co.,Gulf Power Co.,Mississippi Power Co.,Southern Electric Generating Co.,Southern Co.,Southern Company Capital Funding, Inc.,Alabama Power Capital Trust V,Southern Co. Services Inc.,Southern Company Funding Corp.,Southern Power Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Georgia Power Co.,Alabama Power Co.,Gulf Power Co.,Mississippi Power Co.,Southern Electric Generating Co.,Southern Co.,Southern Company Capital Funding, Inc.,Alabama Power Capital Trust V,Southern Co. Services Inc.,Southern Company Funding Corp.,Southern Power Co.
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