The regulated utility, Florida Power&Light Co., provides about 75% of the consolidated company's cash flow; Provides service to a largely residential customer base with very little industrial customers; Has competitive residential rates relative to the region, despite several recently implemented fuel adjustments; and Adequate credit protection measures. The utility's increased exposure to natural gas as a fuel source; Disclosure regarding the significant but small energy trading operations; The absence of a long-term financial forecast; and The company's aggressive acquisition policy for its unregulated businesses. The ratings for FPL Group Inc. and its affiliates reflect a regulated electric utility in the expanding Florida markets that generate a relatively stable revenue stream. The ratings also reflect increased business risk because
