Fitch rates Georgia Power notes A+

Fitch Ratings said it assigned an A+ rating to Georgia Power Co.’s issuance of $450 million series 2017A 2% senior notes due March 30, 2020 and $400 million series 2017B 3.25% senior notes due March 30, 2027.

The outlook is stable.

The notes are senior, unsecured obligations of Georgia Power and will rank equally with all other unsecured and unsubordinated obligations of the company and junior to all secured debt.

Net proceeds will be used by the company to repay all or a portion of the outstanding short-term debt and for general corporate purposes including the company's continuous construction program.

Fitch said the ratings are supported by the solid financial profile of the integrated utility, which benefits from constructive regulation in Georgia. Currently, Georgia Power is in the midst of a significant capital program that includes the construction of two new nuclear units at the Vogtle site. The execution risk associated with the construction of these units has become elevated with the weakening credit profile of Toshiba Corp. (unrated), which is the majority owner of Westinghouse and has guaranteed certain Westinghouse obligations.

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