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Alabama Power Co.'s $900 Million Shelf Rated Nov 01
Standard & Poors, Nov 2001
Abstract
NEW YORK (Standard & Poor's) Nov. 9, 2001--Standard & Poor's today assigned its preliminary single-'A'/triple-'B'-plus/single-'A'/single-'A'-minus ratings to Alabama Power Co.'s (A/Stable/A-1) $900 million Rule 415 shelf registration of first mortgage bonds, cumulative preferred stock, senior notes, junior subordinated notes, trust-preferred securities that may be issued by Alabama Power Capital Trust IV and/or Alabama Power Capital Trust V. Net proceeds from the sale of the securities are to be used for construction expenditures, payment for scheduled maturities, repayment for short-term indebtedness, and for other general corporate purposes. The rating on Alabama Power's senior unsecured debt reflects Standard & Poor's view that the unsecured debt is not materially disadvantaged in bankruptcy by the presence of better-positioned debt, because secured debt currently encumbers...
Companies mentioned in this report are: Alabama Power Co.,Southern Co.,Alabama Power Capital Trust V,Mirant Corp.,Southern Power Co.
Action: New Rating
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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