Southern Co. Nov 07
Standard & Poors, November 2007
Abstract
Stable cash flows from expanding, regulated utility operations; Regulated utility operations are in constructive regulatory environments; Large and diverse customer base with attractive demographics and above-average customer growth; Geographic diversity with operations in four states in the Southeast; and Strong plant operations, supported by the Southern Power Pool. Significant capital spending for new generation, transmission and distribution to address customer and load growth and compliance with evolving environmental standards given the company's heavy reliance on coal; and Lack of automatic fuel recovery clause at largest subsidiary Georgia Power Co. can cause fuel cost deferrals unless recovered in a timely manner. The ratings on Southern Co. and its subsidiaries Alabama Power Co. (APC), Georgia Power Co.(GPC), Gulf Power Co. (5%), and...
Companies mentioned in this report are: Southern Co.,Alabama Power Co.,Georgia Power Co.,Gulf Power Co.,Mississippi Power Co.,Savannah Electric & Power Co.,Southern 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.
Research Type: Full Analysis
Southern Co.,Alabama Power Co.,Georgia Power Co.,Gulf Power Co.,Mississippi Power Co.,Savannah Electric & Power Co.,Southern Power Co.
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