Fitch rates Georgia Power notes A+

Fitch Ratings said it assigned a rating of A+ to Georgia Power Co.'s $250 million issue of floating-rate senior notes due March 17, 2010.

The interest rate on the notes is Libor plus 0.55%.

The outlook is stable.

Proceeds will be used to redeem a portion of Georgia Power's short-term debt.

Ratings reflect the continued strong plant operating performance, growing service territory economy and a strong, stable financial condition, the agency said.

Concerns include lack of a permanent environmental cost-adjustment mechanism in the face of rising emissions compliance-related spending and carbon uncertainty, as well as escalating costs for fuel, operations and maintenance, Fitch said.

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