S&P affirms Southern Co.

S&P said it affirmed its ratings, including the A- issuer credit ratings, on Southern Co. and its subsidiaries Alabama Power Co., Georgia Power Co., Gulf Power Co. and Southern Co. Gas.

The agency also affirmed its BBB+ issuer credit ratings on Southern Co.'s subsidiaries Mississippi Power Co. and Southern Power Co.

The outlook remains negative.

S&P said the negative outlook on Southern and its subsidiaries reflects the potential for lower ratings if the company proceeds with the Vogtle nuclear construction project in a manner that further increases business risk while its financial profile remains in its current weakened state.

“The negative outlook on Southern Co. and its subsidiaries reflects the heightened potential for lower ratings if the company's financial profile remains weakened while it takes on additional risk in completing the construction of its new nuclear units without full assurance of cost recovery,” S&P said in a news release.

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