Summary: Alabama Power Co. May 04
Standard & Poors, May 2004
Abstract
Alabama Power Co. is a wholly owned subsidiary of Southern Co., one of the largest public utility holding companies in the U.S. The ratings on Southern and its five regulated operating subsidiaries, including Alabama Power, are based on a consolidated credit assessment method, resulting in the same corporate credit rating for the holding company and each of its subsidiaries, Alabama Power (36% of net operating cash flow in 2003), Georgia Power Co. (40%), Gulf Power Co. (6%), Mississippi Power Co. (6%), and Savannah Electric & Power Co. (2%). Alabama Power provides electricity service to about 1.4 million customers, and owns 12,174 MW of generation plant. Retail revenues grew 3.4% in 2003, supported by favorable weather conditions and an increase in...
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.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Alabama Power Co.
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