Fitch affirms Southern

Fitch Ratings said it affirmed the issuer default rating and security ratings for Southern Co.

The agency also affirmed the ratings of its subsidiaries, Alabama Power Co., Georgia Power Co., Gulf Power Co., Mississippi Power Co. and Southern Power Co.

Southern's long-term issuer default rating at A, short-term issuer default rating at F1, commercial-paper rating at F1 and senior unsecured notes rating at A.

Southern Co. Funding Corp.'s short-term issuer default rating was affirmed at F1 and commercial-paper rating at F1.

Alabama Power's long-term issuer default rating was affirmed at A, short-term issuer default rating at F1, commercial-paper rating at F1, senior unsecured notes rating at A+, pollution control revenue bonds at A+ and F1 and preferred securities rating at A-. Alabama Power Co. Capital Trust V's trust preferred stock rating also was affirmed at A-.

Georgia Power's long-term issuer default rating was affirmed at A, short-term issuer default rating at F1, commercial-paper rating at F1, senior unsecured notes rating at A+, pollution control revenue bonds at A+ and F1 and preferred securities at A-.

Gulf Power's long-term issuer default rating was affirmed at A-, short-term issuer default rating at F1, commercial-paper rating at F1, senior unsecured notes rating at A, pollution control revenue bonds at A and F1 and preferred securities rating at BBB+.

Southern Power's long-term issuer default rating was affirmed at BBB+, short-term issuer default rating at F2 and senior unsecured debt rating at BBB+.

Mississippi Power's long-term issuer default rating was affirmed at A-, short-term issuer default rating at F1, commercial-paper rating at F1, senior unsecured notes rating at A, pollution control revenue bonds at A and F1 and preferred securities rating at BBB+.

The outlook is stable, except for Mississippi Power, which remains negative.

The ratings recognize the financial support that the company gets from its operating subsidiaries in the form of dividends for the payment of corporate expenses, debt service, dividends to common stockholders and for other business matters, Fitch said.

Southern Company provides equity funding to its subsidiaries for their long-term growth while optimizing their capital mix, the agency said.

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