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Alabama Power Co. Oct 09
Standard & Poors, Oct 2009
Abstract
A generally constructive regulatory environment in Alabama; Large customer base; Strong operating performance; Competitive rate structure; Stable consolidated cash flows; and Operating and regulatory diversity on a consolidated basis. Large environmental compliance costs due to heavy reliance on coal generation; Economic slowdown in the Alabama economy; and Aggressive adjusted consolidated debt leverage. The ratings on Alabama Power Co. (APC) 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. The business risk profile benefits from operations in jurisdictions with generally constructive regulatory frameworks combined with effective management of regulatory relations;...
Companies mentioned in this report are: Alabama Power Co.,Georgia 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
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