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

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

  • Published: August 2010
  • Region: Virginia
  • Standard & Poors

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:
- 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. READ MORE >

- Virginia Electric & Power Co.
- NextEra Energy Capital Holdings Inc.
- NextEra Energy Inc.

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