The ratings on FPL Group Capital Inc. reflect the consolidated credit profile of its parent, FPL Group Inc., a diversified energy company based in Juno Beach, Fla. In addition, all of FPL Group Capital's debt and obligations are guaranteed by FPL Group. FPL Group Capital is the holding company for the unregulated operations. As of June 30, 2005, FPL Group had $9.9 billion of debt. The consolidated rating reflects the strength of the stable cash flows from the integrated electric utility Florida Power&Light Co. (FP&L). The utility contributes between 75%-80% of the consolidated cash flow and has an above average business profile relative to its integrated electric peers reflecting its location in one of the fastest-growing service territories
