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By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

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1.            Unless you have entered into an express written contract with Moody’s to the contrary, you agree that you have no right to use the Information in a commercial or public setting and no right to copy it, save it, print it, sell it, or publish or distribute any portion of it in any form.               

2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

3.            To the extent permitted by law, Moody’s and its directors, officers, employees, representatives, licensors and suppliers disclaim liability for: (i) any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with use of the Information; and (ii) any direct or compensatory damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud or any other type of liability that by law cannot be excluded) on the part of Moody’s or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with use of the Information.

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Announcement:

Moody's Disclosures on Credit Ratings of Southern Company (The)

16 Mar 2012

New York, March 16, 2012 -- The following release represents Moody's Investors Service's summary credit opinion on Southern Company (The) and includes certain regulatory disclosures regarding its ratings. This release does not constitute any change in Moody's ratings or rating rationale for Southern Company (The) and its affiliates.

Moody's current ratings on Southern Company (The) and its affiliates are:

Senior Unsecured domestic currency ratings of Baa1

Senior Unsecured Bank Credit Facility domestic currency ratings of Baa1

Senior Unsec. Shelf domestic currency ratings of (P)Baa1

Junior Subord. Shelf domestic currency ratings of (P)Baa2

Commercial Paper domestic currency ratings of P-2

Alabama Power Company

Senior Unsecured domestic currency ratings of A2

Senior Unsecured Bank Credit Facility domestic currency ratings of A2

LT Issuer Rating ratings of A2

Pref. Stock domestic currency ratings of Baa1

Preference stock domestic currency ratings of Baa1

Senior Unsec. Shelf domestic currency ratings of (P)A2

Junior Subord. Shelf domestic currency ratings of (P)Baa1

Pref. Shelf domestic currency ratings of (P)Baa1

Preference Shelf domestic currency ratings of (P)Baa1

Commercial Paper domestic currency ratings of P-1

BACKED Senior Unsecured domestic currency ratings of A2

Underlying Senior Unsecured domestic currency ratings of A2

Southern Elect Generating Co

LT Issuer Rating ratings of A2

BACKED Senior Unsecured domestic currency ratings of A2

Alabama Power Capital Trust V

BACKED Pref. Stock domestic currency ratings of A3

Georgia Power Company

Senior Unsecured domestic currency ratings of A3

Senior Unsecured Bank Credit Facility domestic currency ratings of A3

LT Issuer Rating ratings of A3

Pref. Stock domestic currency ratings of Baa2

Preference stock domestic currency ratings of Baa2

Senior Unsec. Shelf domestic currency ratings of (P)A3

Junior Subord. Shelf domestic currency ratings of (P)Baa1

Pref. Shelf domestic currency ratings of (P)Baa2

Preference Shelf domestic currency ratings of (P)Baa2

BACKED Senior Unsecured domestic currency ratings of A3

BACKED LT IRB/PC domestic currency ratings of A3

BACKED Other Short Term domestic currency ratings of VMIG 2

Underlying Senior Unsecured domestic currency ratings of A3

Georgia Power Capital Trust VII

BACKED Pref. Stock domestic currency ratings of Baa1

Gulf Power Company

Senior Unsecured domestic currency ratings of A3

LT Issuer Rating ratings of A3

Pref. Stock domestic currency ratings of Baa2

Preference stock domestic currency ratings of Baa2

Senior Unsec. Shelf domestic currency ratings of (P)A3

Subordinate Shelf domestic currency ratings of (P)Baa1

Junior Subord. Shelf domestic currency ratings of (P)Baa1

Pref. Shelf domestic currency ratings of (P)Baa2

Preference Shelf domestic currency ratings of (P)Baa2

BACKED Senior Unsecured domestic currency ratings of A3

Underlying Senior Unsecured domestic currency ratings of A3

Mississippi Power Company

Senior Unsecured domestic currency ratings of A2

LT Issuer Rating ratings of A2

Pref. Stock domestic currency ratings of Baa1

Senior Unsec. Shelf domestic currency ratings of (P)A2

Subordinate Shelf domestic currency ratings of (P)A3

Junior Subord. Shelf domestic currency ratings of (P)A3

Pref. Shelf domestic currency ratings of (P)Baa1

BACKED Senior Unsecured domestic currency ratings of A2

Underlying Senior Unsecured domestic currency ratings of A2

Savannah Electric and Power Company

BACKED Senior Unsecured domestic currency ratings of A3

Underlying Senior Unsecured domestic currency ratings of A3

Southern Company Funding Corporation

Commercial Paper domestic currency ratings of P-2

Southern Power Company

Senior Unsecured domestic currency ratings of Baa1

Senior Unsecured Bank Credit Facility domestic currency ratings of Baa1

LT Issuer Rating ratings of Baa1

Senior Unsec. Shelf domestic currency ratings of (P)Baa1

Preference Shelf domestic currency ratings of (P)Baa3

Commercial Paper domestic currency ratings of P-2

RATINGS RATIONALE

Southern's Baa1 senior unsecured rating reflects its position as the parent company of four regulated utility subsidiaries rated at low to mid-A rating levels and a highly contracted Baa1 rated wholesale generating company. Three of its four regulated utilities operate in consistently supportive regulatory environments, with the Florida regulatory environment stabilizing and potentially improving after a period of substantial uncertainty. Southern's traditionally low risk profile has increased modestly in recent years as a result of new nuclear and IGCC construction, substantial environmental compliance costs, and a thus far limited expansion into unregulated generation outside of its historical Southeast region, including biomass generation in Texas and solar generation in New Mexico. The company also has a renewable energy partnership with Ted Turner, the largest landowner in the U.S., to develop solar power.

Rating Outlook

The stable rating outlook reflects Moody's expectation that Southern Company's utility regulatory environments will remain credit supportive; that there will be no substantial delays or cost overruns at either the Vogtle nuclear or Kemper IGCC construction projects; that costs resulting from new environmental regulations will be manageable and recovered in rates without significant regulatory lag or substantial deferrals; and that growth of its renewable energy business outside of its region will remain modest.

What Could Change the Rating - Up

An upgrade is unlikely while two of its utility subsidiaries are engaged in major new construction projects. Ratings could be raised, however, if there is significant progress on the construction of these two projects and they remain on schedule and on budget, if one or both of its largest utility subsidiaries, Alabama Power or Georgia Power, is upgraded; or if consolidated financial metrics show sustained improvement, including CFO pre-W/C interest coverage above 4.5x and CFO pre-W/C to debt above 22%, after adjusting for accelerated cash flow benefits derived from bonus depreciation.

What Could Change the Rating - Down

The ratings could be downgraded if either Alabama Power or Georgia Power's ratings are lowered; if there are significant delays or cost overruns on the Vogtle nuclear project; if there is significant additional debt issued at the parent company level; if major new environmental costs are incurred that are not recovered on a timely basis; or if consolidated metrics show a sustained decline, including CFO pre-W/C interest coverage below 4.0x and CFO pre-W/C to debt below 18% for an extended period.

The principal methodology used in these ratings was Regulated Electric and Gas Utilities published in August 2009. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Although these credit ratings have been issued in a non-EU country which has not been recognized as endorsable at this date, the credit ratings are deemed "EU qualified by extension" and may still be used by financial institutions for regulatory purposes until 30 April 2012. Further information on the EU endorsement status and on the Moody's office that has issued a particular Credit Rating is available on www.moodys.com.

For ratings issued on a program, series or category/class of debt, this announcement provides relevant regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides relevant regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides relevant regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

Information sources used to prepare each of the ratings are the following: parties involved in the ratings, parties not involved in the ratings, public information, confidential and proprietary Moody's Investors Service information, and confidential and proprietary Moody's Analytics information.

Moody's considers the quality of information available on the rated entities, obligations or credits satisfactory for the purposes of issuing these ratings.

Moody's adopts all necessary measures so that the information it uses in assigning the ratings is of sufficient quality and from sources Moody's considers to be reliable including, when appropriate, independent third-party sources. However, Moody's is not an auditor and cannot in every instance independently verify or validate information received in the rating process.

Please see the ratings disclosure page on www.moodys.com for general disclosure on potential conflicts of interests.

Please see the ratings disclosure page on www.moodys.com for information on (A) MCO's major shareholders (above 5%) and for (B) further information regarding certain affiliations that may exist between directors of MCO and rated entities as well as (C) the names of entities that hold ratings from MIS that have also publicly reported to the SEC an ownership interest in MCO of more than 5%. A member of the board of directors of this rated entity may also be a member of the board of directors of a shareholder of Moody's Corporation; however, Moody's has not independently verified this matter.

Please see Moody's Rating Symbols and Definitions on the Rating Process page on www.moodys.com for further information on the meaning of each rating category and the definition of default and recovery.

Please see ratings tab on the issuer/entity page on www.moodys.com for the last rating action and the rating history. The date on which some ratings were first released goes back to a time before Moody's ratings were fully digitized and accurate data may not be available. Consequently, Moody's provides a date that it believes is the most reliable and accurate based on the information that is available to it. Please see the ratings disclosure page on our website www.moodys.com for further information.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Michael G. Haggarty
Senior Vice President
Infrastructure Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

William L. Hess
MD - Utilities
Infrastructure Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's Disclosures on Credit Ratings of Southern Company (The)
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.

To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

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MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

​​​​​​
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