The ratings on FPL Group Capital Inc. reflect the consolidated credit profile of its parent, FPL Group Inc. (FPL), a diversified energy company based in Juno Beach, Fla. In addition, all of FPL Group Capital's debt and obligations are guaranteed by FPL. FPL Group Capital is the holding company for the unregulated operations. The 'A' corporate credit ratings on FPL and its subsidiaries are on CreditWatch with negative implications because FPL Group announced in December 2005 that it plans to merge with Constellation Energy Group Inc. The combination would most likely increase FPL's satisfactory business risk profile of '5' (business risk profiles are categorized from '1' (excellent) to '10' (vulnerable)) and weaken its financial profile based on the assumption that
