JUNO BEACH, Fla. - FPL Group, Inc. (NYSE: FPL) said today that Standard & Poor’s (S&P) has affirmed the A corporate credit rating of FPL Group Inc. and its affiliates.
Moray Dewhurst, chief financial officer for FPL Group Inc., said, "We are pleased that S&P has affirmed our credit ratings. Clearly, FPL Group has one of the strongest balance sheets in the industry, and we are pleased that S&P recognizes our financial strength and integrity. While many companies in our industry have seen their credit ratings decline, we have kept credit quality a top priority within our organization and believe our customers and investors value a strong balance sheet."
S&P said the affirmation of FPL Group's corporate credit rating reflects a regulated electric utility located in a growing Florida market that generates a relatively stable revenue stream and adequate credit protection measures.
S&P also pointed out the execution of the company’s financial plan over the last year has contributed to a significant reduction in short term debt balances and increasing liquidity.
S&P maintained their negative outlook on FPL Group, reflecting a number of factors including uncertainty in the merchant generation market.
FPL Group, Inc., Florida Power & Light Company and FPL Group Capital Inc. all have strong investment grade ratings with the major credit rating agencies. In addition to today’s confirmation by S&P, Fitch also rates FPL Group at A. Florida Power & Light Company‘s senior secured credit is rated Aa3 by Moody’s and AA- by Fitch. FPL Group Capital Inc.’s senior unsecured credit is rated A2 by Moody’s and A by Fitch.
FPL Group, with annual revenues of more than $8 billion, is nationally known as a high-quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 26 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves more than 4 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.FPLGroup.com, www.FPL.com andwww.FPLEnergy.com.