Moody's gives Alabama Power preferreds Baa1

Moody's Investors Service said it assigned a rating of Baa1 to $150 million of preference stock issued by Alabama Power Co.

The outlook is stable.

The proceeds from the sale of the preference stock will be used to repay a portion of Alabama Power's outstanding short-term debt as well as for general corporate purposes, which include the company's ongoing construction program, the agency said.

Moody's noted that the Baa1 rating considers the A2 senior unsecured rating at Alabama Power (stable outlook), as well as the relative priority of claim of the preference stock within the company's capital structure.

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