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BULLETIN: Alabama Power's Credit Is Unaffected Despite Hurricane Katrina Damage Sep 05
Standard & Poors, Sep 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 16, 2005--Standard & Poor's Ratings Services today noted that although Alabama Power Co. (A/Stable/A-1) sustained substantial damage to its southern electricity supply system from Hurricane Katrina, we do not currently expect that the effects will result in a reduction in the company's credit rating or a material deterioration in its stand-alone creditworthiness. The utility's credit rating is based on parent Southern Co.'s (A/Stable/A-1) consolidated rating. Alabama Power provides about 35% to 40% of consolidated cash flow. Alabama Power has returned service to most of its customers, but has not determined an estimate of repair costs. While these costs are likely to be significant, Alabama Power should be able to cover them, given its current...
Companies mentioned in this report are: Alabama Power Co.,Southern Co.
Action: Bulletin
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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