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Alabama Power Co. Mar 06
Standard & Poors, March 2006
Abstract
Stable cash flows generated by growing regulated utility operations; Positive regulatory relations and the lack of major rate cases planned through 2007; A diverse customer base with growth above the national average; A measure of geographic diversity within the southeast region; and Strong plant operations, supported by the Southern pool. Heavy reliance on coal, which will result in higher environmental capital expenditures to meet environmental emissions restrictions; The lack of automatic fuel recovery clauses at subsidiaries Georgia Power Co. and Savannah Electric & Power Co.; and Modest consolidated leverage on an adjusted basis. The ratings on Southern Co. (Southern) and its subsidiaries Alabama Power Co. (36% of 2005 net operating cash flow), Georgia Power Co. (41%), Gulf Power Co. (6%),...
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 Capital Trust V,Southern Company Capital Trust VI,Southern Company Capital Trust VII,Southern Company Capital Funding, Inc.,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
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