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BULLETIN: Alabama Power's Repair Estimates Will Not Affect Current Ratings Sep 05
Standard & Poors, Sep 2005
Abstract
NEW YORK (Standard & Poor's) Sept. 28, 2005--Standard & Poor's Ratings Services said today that Alabama Power Co.'s (A/Stable/A-1) announcement that it will incur about $105 million to $120 million to repair damage caused by Hurricane Dennis and Hurricane Katrina will not 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. Repair costs represent only 2.5% of Alabama Power's total debt and less than 1% of consolidated debt (adjusted). Alabama Power is paying for repairs with current cash and liquidity facilities, which currently total $543 million. Liquidity is...
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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