July
29, 2003
Fitch initiates ratings
of FPL Group, Florida Power & Light and FPL Group Capital
JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL)
said today that Fitch Ratings has initiated coverage of FPL Group,
Florida Power & Light Company and FPL Group Capital and assigned
strong investment grade ratings to each entity.
Fitch has assigned a senior unsecured debt rating of A to FPL Group,
a AA-rating was assigned to Florida Power & Light’s first
mortgage bonds and an A rating was assigned to FPL Group Capital’s
senior unsecured debt.
Moray Dewhurst, chief financial officer for FPL Group Inc., said,
"We are pleased that Fitch Ratings has initiated coverage of
our company with credit ratings that recognize our financial strength
and discipline. With today’s coverage by Fitch, all of the
major credit rating agencies have assigned strong investment grade
ratings to our companies which represent some of the highest in
the industry.”
Fitch said the A rating for FPL Group is based on the financial
profile of the consolidated entity, which includes a high proportion
of earnings and cash flow from regulated utility operations. Fitch
also said, “The financial strength of FPL Group, Inc. rests
primarily upon the strong and regular dividend stream sourced from
Florida Power & Light, though this may be enhanced in the medium-term
by diversified dividend streams from FPL Group’s unregulated
operations.”
Fitch said the outlook for FPL Group, Florida Power & Light
and FPL Group Capital are stable.
FPL Energy is a leading unregulated wholesale generator of clean
energy, including natural gas, wind, solar, hydroelectric and nuclear.
It is the nation’s leader in wind energy, with 30 wind facilities
in operation in 10 states. Wind power represents more than 20 percent
of the company’s portfolio. It is a subsidiary of FPL Group,
one of the nation’s largest providers of electricity-related
services with annual revenues of more than $8 billion. FPL Group’s
principal subsidiary is Florida Power & Light Company, one of
the nation’s largest electric utilities, serving more than
4 million customer accounts in Florida. Additional information is
available on the Internet at www.FPLEnergy.com,
www.FPLGroup.com and www.FPL.com.
