canada goose clearance sale Fitch rates Florida Power Light Co bonds
Canada Goose Outlet May 17 Fitch Ratings has assigned ratings of to Florida Power Light Company (FPL) buy canada goose jacket cheap issue of $600 million 4.05% series canada goose clearance sale first mortgage bonds due June 1, 2042. The Rating Outlook is Stable. FPL plans to use the net proceeds from this offering to repay a portion of its outstanding commercial paper borrowings and for other general corporate purposes. FPL ratings reflect predictable cash flows from regulated electric operations, a slow but steady improvement in retail buy canada goose jacket sales after a deep economic downturn, return to a more orderly and constructive regulatory environment, and strong balance sheet and liquidity profile. The ratings take into account a canada goose coats period of high utility capex over 2012 2016 as FPL modernizes its power generation fleet and uprates its nuclear capacity. The ratings also reflect Fitch expectation that FPL is able to Canada Goose online achieve a constructive regulatory outcome in its pending rate case and earn a reasonable return on its investments related to the modernization canada goose uk outlet of its gas fleet. Canada Goose Outlet FPL south Florida service territory still has above average canada goose clearance unemployment and a weak housing market. However, employment statistics are modestly and consistently improving. FPL inactive accounts and low usage accounts are gradually waning. Fitch has assumed a modest customer and usage growth in its financial forecasts. FPL recovers more than half of the Canada Goose Parka typical residential bill through clauses such as for fuel and power purchased costs, environmental Canada Goose sale expenditures, nuclear uprates, conservation and storm recovery. FPL plans to spend over $10 billion in capex Canada Goose Jackets through 2015. Approximately $3.6 billion will be spent on modernizing its aging gas fleet at cheap Canada Goose Cape Canaveral, Riviera Beach and Port Everglades, with the new gas fired plants expected to be in service by 2013, 2014 and 2016, respectively. All these projects have been approved by the Florida canada goose black friday sale Public Service Commission (FPSC). Recovery of these expenditures will be via a base rate increase, which is expected to result in only modest price increases Canada Goose Coats On Sale for consumers due to anticipated fuel cost uk canada goose savings. Another $2.5 billion of the forecasted capex will be spent on nuclear uprates that have been approved by the PSC and are being recovered through goose jacket the nuclear clause. On March 19, 2012, FPL filed a $517 million base rate increase request with the FPSC for new rates to be effective January 2013. canada goose uk black friday The Canada Goose Online rate increase request reflects an ROE of 11.25% with a 0.25% adder if FPL maintains the lowest typical residential bill in the state. FPL also requested an additional base rate increase of $174 canada goose uk shop million commencing with the completion of the modernization at Cape Canaveral (expected June 2013). Fitch has cheap canada goose uk assumed a constructive outcome in FPL pending rate case filing reflecting Fitch view of an improved regulatory climate as evidenced by the recent rate decisions for other Florida utilities. A decision by the PSC is expected by the end of 2012. Fitch expects FPL to finance its capex needs using a mix of equity and debt so as to maintain its regulatory capital structure. FPL long term debt financing vehicles are primarily taxable secured first mortgage bonds and tax exempt revenue bonds. FPL has its own credit facilities separate from the NEE group to provide liquidity back up for commercial paper funding and variable rate tax exempt revenue notes, as well as for issuance of letters of credit. FPL has demonstrated excellent access to the debt capital markets and commercial paper market, even during periods of capital markets stress. Fitch anticipates FPL credit metrics to weaken in 2012 as a result of base rate freeze implemented in the 2010 settlement agreement and use of surplus depreciation reserve to achieve targeted ROE range. Still, due to low individual debt leverage, FPL credit metrics well exceed Fitch guidelines for rating category and compare favorably with the credit statistics of Issuer Default Rating (IDR) peer utilities. Fitch anticipates FPL canada goose store EBITDA based credit measures to improve 2013 onwards led by base rate increase effective https://www.canadagooseoutletstore.co.uk January 2013 and forecasted stepped up revenue increases for the investments made in modernization of the gas fleet. Fitch expects EBITDA coverage ratio to be 8.0 times (x) uk canada goose outlet 8.5x and debt to EBITDA ratio to be in the 2.4x 2.5x range towards the end of the forecast period. The funds flow from operations (FFO) based credit measures remain robust over 2012 2013 due canada goose coats on sale to bonus depreciation benefits and decline to more normalized levels thereafter. Fitch canadian goose jacket forecasts FFO to debt ratio to be in the 25% 27% range and FFO to interest coverage to approximate 6.5x toward the end of the forecast period. Triggers for Future Rating Actions: Positive or negative rating actions for FPL look unlikely at this time. However, downward rating pressure could result from: Change in Florida Regulation: Unfavorable changes in current Florida regulatory policies for timely recovery of utility capital investments, fuel and purchased power costs, and storm related costs would adversely affect FPL ratings. An adverse outcome in FPL pending rate case would lead to a revision in Fitch view that Florida regulatory environment has improved. Increasing Parent Risk Profile: If parent NEE canada goose increases its debt leverage or changes its corporate strategy such that NEE canada goose factory sale risk profile materially worsens, it could adversely affect FPL ratings in line with Fitch Parent and Subsidiary Rating Linkage Criteria.