S&P puts FPL on watch

Standard & Poor's said it placed the A corporate credit ratings and all other ratings on FPL Group Inc. and subsidiaries on CreditWatch with negative implications.

The action is based on the Florida Public Service Commission's decision to drastically cut a requested base rate increase and discontinue a credit-enhancing rate mechanism for generating plant additions for subsidiary Florida Power & Light Co.

The lower-than-expected revenues combined with continued economic sluggishness in the state are likely to impede the company's ability to achieve the improved credit metrics that support current ratings, S&P said.

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