On June 5, 2002, Standard&Poor's assigned its 'A-' rating to FPL Group Capital Inc.'s $400 million debentures series B related to equity units, which are issued by utility holding company FPL Group Inc. The equity units are initially a corporate unit, which consists of FPL Group Capital debt due Feb. 16, 2008, and an equity purchase contract. The FPL Group Capital debt is pledged as collateral for the purchase contract. The purchase contract obligates the holder to buy FPL Group common shares on Feb. 16, 2006. The underlying FPL Group Capital debt is guaranteed by FPL Group and ranks pari passu with the holding company's outstanding senior unsecured debt. A significant percentage of the equity to be issued
