Moody's rates Georgia Power stock Baa1

Moody's Investors Service said it assigned a rating of Baa1 to $225 million of preference stock issued by Georgia Power Co.

The outlook is stable.

Proceeds from the sale will be used to repay a portion of the company's outstanding series F junior subordinated notes due Nov. 1, 2042 and the related flexible trust preferred securities of Georgia Power Capital Trust VI.

The rating considers the A2 senior unsecured rating at Georgia Power and the relative priority of claim of the preference stock within the company's capital structure, Moody's said.

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