Fitch: Georgia Power notes A+

Fitch Ratings said it assigned an A+ rating to Georgia Power Co.'s issuance of $400 million series 2012B 2.85% senior notes due May 15, 2022.

Fitch also assigned an A+ rating to the additional $350 million added on to the series 2012A notes. This is part of the same series as the $750 million 4.30% senior notes due March 15, 2042. Both of these notes are senior, unsecured obligations of the company, the agency said.

The outlook is stable.

The proceeds will be used for the proposed redemption of all or a portion of the company's $300 million series 2007D 6.375% senior notes due July 15, 2047 and to reduce short-term borrowings, Fitch said.

The ratings are supported by the solid financial profile of the integrated utility, which benefits from constructive regulation in Georgia that limits regulatory lag, the agency said.

The execution risk associated with a significant project the company is undertaking and the attendant external financing needs are also considered in the ratings, Fitch said.

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