Summary: Florida Power Corp. d/b/a Progress Energy Florida Inc. Jun 11
Standard & Poors, June 2011
Abstract
The ratings on Florida Power Corp. d/b/a Progress Energy Florida Inc. (PEF) are on CreditWatch with positive implications, where Standard & Poor's Ratings Services placed them on Jan. 10, 2011, following the announcement that the parent company, Progress Energy Inc., has entered into an agreement to merge with Duke Energy Corp. Duke Energy will be the surviving entity. Completion of the merger is possible by the end of 2011, following approvals from the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission (NRC), the Department of Justice, and North and South Carolina regulators. The CreditWatch Positive listing on Progress and its subsidiaries reflects that the company's credit quality will benefit from the merger with the higher-rated Duke Energy. Standard & Poor's...
Companies mentioned in this report are:
- Florida Power Corp. d/b/a Progress Energy Florida Inc.
- Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.
- Duke Energy Corp.
- Progress Energy Inc.
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.
- Florida Power Corp. d/b/a Progress Energy Florida Inc.
- Carolina Power & Light Co. d/b/a Progress Energy Carolinas Inc.
- Duke Energy Corp.
- Progress Energy Inc.
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