Fitch applies A+ to Georgia Power notes

Fitch Ratings said it assigned an A+ rating to Georgia Power Co.’s issuance of $500 million 2% series 2017C senior notes due Sept. 8, 2020.

The agency placed Georgia Power's ratings on rating watch negative on March 30, 2017, following the bankruptcy filing of Westinghouse Electric Co. (WEC) that placed the fixed-price engineering, procurement, and construction (EPC) contact for the Vogtle 3 and 4 units in jeopardy. Fitch said it expects to resolve the negative watch upon receiving clarity on the future of these nuclear units, including the regulatory construct under which the construction of one or both the units will proceed or the two units will be abandoned.

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.

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