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S&P Ratings revises outlook to negative on Southern, subsidiaries

S&P Ratings has revised the outlook of Southern Co., and its subsidiaries to "negative."

The negative outlook on Southern and its subsidiaries is based on S&P's view that Toshiba Corp.'s strained financial condition potentially threatens the viability of its U.S. power business, Westinghouse Electric Co. LLC, and in turn brings into question its ability to complete the nuclear plants currently under construction for Southern's major operating subsidiary Georgia Power Co., per the terms of the existing fixed price engineering, procurement and construction contract.

S&P also affirmed its A- issuer credit rating on Southern and its subsidiaries, including Southern Company Gas Capital., Southern Co. Gas, Nicor Gas Co., Gulf Power Co., Georgia Power, Alabama Power Co., Atlanta Gas Light Co., Southern Co. Services Inc., Pivotal Utility Holdings Inc. and Southern Electric Generating Co.

Concurrently, the agency affirmed its BBB+ rating on Mississippi Power Co. and Southern Power Co.

S&P believes that the affirmation of the long-term issuer credit rating on Southern Co. reflects the strength and diversity of its regulated utility operations that encompass both integrated electric and natural gas transmission and distribution operations in jurisdictions with generally constructive regulatory frameworks.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.