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Alabama Power Co. Dec 03
Standard & Poors, Dec 2003
Abstract
For the Southern Co. consolidated rating: Stable cash flows supported by regulated utility operations; A diverse customer base with growth above the national average; Strong operations, supported by the Southern pool; and Positive regulatory relations. Heavy reliance on coal that will result in growing capital expenditures to meet environmental emissions restrictions; and Southern Co.'s leverage is modest on an adjusted basis. Alabama Power Co. is a wholly owned subsidiary of the Southern Co., one of the largest public utility holding companies in the U.S. The ratings on Southern and its five regulated operating subsidiaries, including Alabama Power, are based on a consolidated credit assessment method, resulting in the same corporate credit rating for the holding company and each of its...
Companies mentioned in this report are: Alabama Power Co.,Georgia Power Co.,Gulf Power Co.,Mississippi Power Co.,Savannah Electric & Power Co.,Southern Electric Generating Co.,Southern Co.,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
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