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Alabama Power Co. Sep 07
Standard & Poors, Sep 2007
Abstract
A generally constructive regulatory environment in Alabama; A large customer base with average customer growth and no meaningful customer concentration; Strong operating performance for owned generation assets supported by the Southern Power Pool; Competitive rate structure; Stable consolidated cash flows generated by growing regulated utility operations; and Operating and regulatory diversity on a consolidated basis. Heavy reliance on coal on a companywide basis necessitates large capital expenditures to comply with environmental standards; Deferred fuel costs have increased and must be recovered on a timely basis; and Adjusted consolidated debt leverage is relatively high. The ratings on Alabama Power Co. (APC) reflect the consolidated credit profile of its parent, Southern Co. The ratings on Southern reflect the company's focus on regulated...
Companies mentioned in this report are: Alabama 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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