Research Update: FPL Energy Virginia Funding Corp.'s 'BBB-' Rating Affirmed, Outlook Is Negative Aug 10

Standard & Poors, August 2010

Abstract
The rating on FPL Energy Virginia Funding Corp. (Doswell) has been has been affirmed at 'BBB-'. The outlook is negative and reflects the continued potential for an increase in the project's fuel supply risk as a result of prolonged operational flow orders (OFOs) throughout the 2009-2010 winter. A rating downgrade would occur on or before Nov. 1, 2010, if certain changes to provisions under the power purchase agreement (PPA) or firm transportation agreements are not met. On Aug. 2, 2010, Standard & Poor's Ratings Services affirmed its 'BBB-' rating on FPL Energy Virginia Funding Corp. (Doswell). The outlook is negative. The affirmation and negative outlook reflect the continued potential for an increase in Doswell's risk of cash flow volatility resulting...

Companies mentioned in this report are: FPL Energy Virginia Funding Corp.,Virginia Electric & Power Co.,NextEra Energy Capital Holdings, Inc.,NextEra Energy Inc.
Action: Affirmed
Action: Outlook: Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

FPL Energy Virginia Funding Corp.,Virginia Electric & Power Co.,NextEra Energy Capital Holdings, Inc.,NextEra Energy Inc.

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