Fitch: Georgia Power notes A+

Fitch Ratings said it assigned an A+ rating to Georgia Power Co.’s issuance of $500 million 1.95% series 2015A senior notes due Dec. 1, 2018.

The notes are senior, unsecured obligations of Georgia Power, Fitch said.

The outlook is stable.

The proceeds will be used to repay the upcoming maturity of $250 million 5.25% series Z senior notes due Dec. 15, Fitch said, and repay all or a portion of Georgia Power’s outstanding short-term indebtedness and for general corporate purposes, including the continuous construction program at the company.

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 utility is in the midst of a significant capital program that includes the construction of two new nuclear units at the Vogtle site, which increases execution risk, Fitch said.

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