S&P trims Southern Co., utility subsidiaries

Standard & Poor’s said it lowered its long-term issuer credit ratings on Southern Co., Georgia Power Co., Alabama Power Co. and Gulf Power Co. to A- from A and lowered the short-term ratings to A-2 from A-1.

S&P lowered the long-term ratings on Mississippi Power Co. to BBB+ from A and lowered the short-term ratings to A-2 from A-1.

At the same time, S&P corrected its rating on the $10.6 million Mississippi Business Finance Corp. solid waste disposal facility revenue bond, series 1995 issue, by lowering it to BBB+/A-2 from A+/A-1 to reflect a one-notch error in addition to Monday’s two-notch downgrade of MPC.

At the same time, S&P removed the ratings from CreditWatch, where S&P placed them with negative implications on July 8. The outlook is stable.

S&P said its ratings on merchant power subsidiary Southern Power Co. (BBB+/stable/A-2) are unaffected.

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