Florida Power & Light Co. Apr 05

Standard & Poors, April 2005

Abstract
Florida Power & Light Co. (FP&L) adds stability to FPL Group Inc.'s consolidated cash flow, FP&L's strong customer growth with a primarily residential base, and Parent FPL's adequate financial performance. Higher-risk unregulated generation portfolio at FPL Energy contributes less certain cash flow, FP&L's increased exposure to natural gas to serve its load, Uncertainty regarding several regulatory issues at FP&L, and FPL's high consolidated leverage. The ratings on Florida Power & Light Co. (FP&L) reflect the consolidated credit profile of its parent, diversified energy company FPL Group Inc. The consolidated rating on FPL Group reflects the strength of FP&L's stable cash flows. FP&L, which is an integrated electric utility in Florida, contributes about 80% of the consolidated cash flow and has...

Companies mentioned in this report are: Florida Power & Light Co.,Dominion Resources Inc.,NextEra Energy Capital Holdings, Inc.,NextEra Energy Inc.,Southern Co.,Integrys Energy Group Inc.,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.

Research Type: Full Analysis

Florida Power & Light Co.,Dominion Resources Inc.,NextEra Energy Capital Holdings, Inc.,NextEra Energy Inc.,Southern Co.,Integrys Energy Group Inc.,Progress Energy Inc.

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