On Dec. 20, 2005, Standard&Poor's Ratings Services placed its 'A' corporate credit ratings on FPL Group Inc. and its subsidiaries on CreditWatch with negative implications. The rating action is the result of the company's announcement that FPL will merge with Constellation Energy Group Inc., with Constellation Energy shareholders receiving 1.44 shares and FPL shareholders receiving 1 share in the combined Constellation Energy, valuing the combined entity with a market capitalization of about $28 billion. The project finance ratings were affirmed and were unaffected by the rating change and CreditWatch listing. The combination would most likely increase FPL's business risk profile of '5' (satisfactory; business risk profiles are categorized from '1' (excellent) to '10' (vulnerable)) and weaken its financial
