Research Update: Southern Co. And Subsidiaries Rating Outlook Revised To Negative; 'A' Rating Affirmed May 13
- Language: English
- Published: May 2013
A generally constructive regulatory environment in Mississippi; Ongoing growth in service territory after severe customer loss in 2005; Competitive rate structure; Stable consolidated cash flows; and Declining fuel cost deferrals. Large environmental compliance costs due to heavy reliance on coal; and Aggressive adjusted consolidated debt leverage. The ratings on Mississippi Power Co. (MPC) 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; strong operating performance and high availability...
Companies mentioned in this report are: Mississippi Power Co.,Alabama Power Co.,Georgia Power Co.,Gulf 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.
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Research Type: Full Analysis
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Mississippi Power Co.,Alabama Power Co.,Georgia Power Co.,Gulf 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.