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Southern Power Co. Nov 10
Standard & Poors, November 2010
Stable contractual-based cash flows with limited exposure to merchant markets No fuel-price risk in power contracts Competitive installed costs for electricity generation Operation in the Southern power pool High leverage Limited geographic, technology, and fuel diversity Cash-flow concentration in a small number of plants Refinance risk for the revolving bank loan due 2012, if drawn, and $575 million of senior notes Southern Power Co. is the unregulated, wholly owned subsidiary of Southern Co. (Southern; A/Stable/A-1) that owns or has interests in 7,671 megawatts (MW) of electric generation capacity in the southeastern U.S. Southern Power provided about 8.5% of Southern's earnings per share in 2009 and 2008. Southern Power is an important growth vehicle for Southern, and provides a significant portion...
Companies mentioned in this report are: Southern Power Co.,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.
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
Southern Power Co.,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.