Moody’s confirms Georgia Power

Moody's Investors Service said it confirmed the long-term ratings of Georgia Power Co., including its senior unsecured rating at Baa1.

The agency also affirmed the ratings of Southern Co. and Alabama Power Co., including Southern's Baa2 senior unsecured rating and Prime-2 commercial paper rating and Alabama Power's A1 issuer and senior unsecured ratings and its Prime-1 commercial paper rating.

Moody's affirmed the ratings of Alabama Power Capital Trust V, including its A2 preferred stock rating, and the ratings of Southern Electric Generating Co., including its A2 issuer rating and backed senior unsecured rating.

The outlooks are stable.

This concludes the review initiated on Aug. 8, which was prompted by the co-owners right, under the December 2017 amended ownership agreement, to opt out of the Vogtle project that was triggered by the $2.3 billion cost increase announced last month, Moody’s said.

“The confirmation of Georgia Power's rating was driven by the co-owners vote, particularly the project's largest co-owners, Oglethorpe Power Corp. and MEAG Power, to continue with the construction of the Vogtle new nuclear power plants,” Jeff Cassella, senior credit officer, said in a news release.

“Additional delays and cost over-runs are likely, but are not expected to rise to a level where the credit profile is materially impacted further.”

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