NY – Standard&Poor's CreditWire 12/17/98 – Standard&Poor's today upgraded the senior unsecured debt of FPL Group Capital Inc. to single-'A'-plus from single-'A'. At the same time, FPL Group Capital's commercial paper rating was affirmed at 'A-1'. The rating revision reflects a strong guarantee from parent FPL Group Inc. (A+/Stable/--) that supports all of FPL Group Capital's obligations. The guarantee is an unconditional and legally enforceable contract in which FPL Group Inc. agrees to make interest payments if FPL Group Capital is unable to do so. For rating purposes, the creditworthiness of FPL Group Inc. is substituted for the guarantee, and thus FPL Group Capital receives the same rating as the parent. FPL Group Capital is the
