Credit quality for FPL Group is characterized by the activities of its operating utility, Florida Power and Light and its growing portfolio of higher-risk, non-regulated investments, mainly in independent power projects. Ratings for FPL Group and its affiliates incorporate increasing business risk for the consolidated enterprise, attributable to the growing non-regulated, independent power producer portfolio, an aggressive financing plan, and the decline in credit-protection measures. Juno Beach, Fla.-based FPL Group has about $6.8 billion in outstanding debt. Subsidiaries include Florida Power and Light Co. and FPL Group Capital Inc. Florida Power and Light serves 3.9 million electric customers along the east coast and southern portions of Florida. The company's credit profile reflects an above-average business position that is supported by
