Fitch: Georgia Power notes A+

Fitch Ratings said it assigned an A+ rating to Georgia Power Co.'s issuance of $400 million series 2013A 4.30% senior notes due March 15, 2043.

Fitch also said it assigned its A+/F1 rating to Georgia Power's series 2013B floating-rate senior notes due March 15, 2016.

These notes are senior, unsecured obligations of Georgia Power.

The outlook is stable.

The proceeds from the two offerings will be used for the redemption at maturity of Georgia Power's $350 million series 2010A floating-rate senior notes, to repay a portion of its outstanding short-term indebtedness and for general corporate purposes, including its ongoing construction program, 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 stable outlook reflects an expectation that the company will continue to receive constructive regulatory treatment of the pre-approved projects, including recovery of costs during the construction period, Fitch said.

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