On Oct. 8, 2003, Standard&Poor's Ratings Services affirmed electric utility FPL Group Inc.'s 'A' corporate credit rating. The outlook remains negative. Juno Beach, Fla.-based FPL Group had about $8.1 billion in outstanding total long and short-term debt as of June 30, 2003. The ratings for FPL Group and its affiliates reflect a regulated electric utility located in the growing Florida markets which generates a relatively stable revenue stream, increased business risk because of overcapacity in several markets which weakens the financial performance of its unregulated power generation portfolio, and adequate credit protection measures. Execution of the company's financial plan for the past year contributed to a significant reduction in short-term debt balances to about $500 million by year-end
