Fitch: Georgia Power notes A+

Fitch Ratings said it assigned Georgia Power Co.'s $300 million of floating-rate notes due Jan. 15, 2013 an A+ rating.

The outlook is stable.

The proceeds from the notes will be used to repay a portion of the company's short-term debt, which was approximately $594 million as of Jan. 12, and for general corporate purposes, including the continuous construction program.

The rating reflects Georgia Power's low-risk utility business, constructive state regulatory regime, manageable debt maturities and strong operation of predominantly baseload electric generation assets, Fitch said.

The ratings also consider the potential financial stress associated with a large capital-expenditure program, risks associated with the undertaking of the two new nuclear units at Plant Vogtle and additional costs imposed by any new environmental compliance regulations, the agency said.

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