On March 18, 2005, Standard&Poor's Ratings Services affirmed its 'A' corporate credit rating on diversified energy company FPL Group Inc. and its related subsidiaries following its annual review. The outlook remains negative. The Juno Beach, Fla.-based corporation had about $8.5 billion of consolidated debt as of Dec. 31, 2004. The consolidated rating on FPL Group reflects the strength of the stable cash flows from the integrated electric utility in Florida, Florida Power&Light Co. (FP&L). FP&L contributes about 80% of the consolidated cash flow and has an above average business profile relative to its integrated electric peers. Concerns include the higher risk cash flows from FPL Energy's portfolio of merchant generation, the utility's increased exposure to natural
