Affiliate Florida Power&Light Co. (FP&L) adds stability to FPL Group Inc.'s consolidated cash flow, FP&L's strong customer growth with a primarily residential base, and Parent FPL's adequate financial performance. Higher-risk unregulated generation portfolio at FPL Energy contributes less certain cash flow, FP&L's increased exposure to natural gas to serve its load, Uncertainty regarding several regulatory issues at FP&L, and FPL's high consolidated leverage. The ratings on FPL Group Capital Inc. reflect the consolidated credit profile of its parent, FPL Group Inc. In addition, all of FPL Group Capital's debt and obligations are guaranteed by FPL Group. The consolidated rating on diversified energy company FPL Group reflects the strength of unit Florida Power&Light Co.'s (FP&L) stable cash
