Strong integrated utility, Florida Power&Light (FP&L), adds certainty to the cash flow (FP&L contributes between 70%-80% of the consolidated cash flow), Favorable regulatory environment in Florida; and Strong customer growth with a primarily residential base. FP&L's significant dependence on natural gas fired generation to serve its load, Potential political and regulatory actions in response to rising customer bills, hurricane outages, recovery of storm restoration costs and storm reserve, Variability in the consolidated cash flows due to the fuel and storm, to a lesser extent, underrecoveries, Higher risk cash flow from FPL Energy's portfolio of unregulated generation, and Lower-than-expected financial metrics compared with 'A' benchmarks, driven by the high consolidated leverage. The ratings on FPL Group Inc. (FPL) and
