On Oct. 26, 2006, Standard&Poor's Ratings Services affirmed its 'A' corporate credit ratings on diversified energy company FPL Group Inc., its regulated utility, Florida Power&Light Co. (FP&L), and FPL Group Capital Inc. and removed the ratings from CreditWatch with negative implications. The rating action follows the termination of merger discussions with Constellation Energy Group Inc. (BBB+/Negative/A-2). The outlook is stable. The ratings were originally placed on CreditWatch Dec. 19, 2005 after the announced merger with Constellation. The consolidated rating on FPL Group reflects the strength of the regulated cash flows from the integrated electric utility, FP&L. The utility contributes between 70% and 80% of the consolidated cash flow and has a stronger business profile than most
