FPL Group Inc. is a public utility holding company engaged in power generation, transmission, and distribution through its wholly owned subsidiaries, Florida Power&Light Co (FPL) and FPL Group Capital Inc., which wholly owns unregulated FPL Energy LLC. The Juno Beach, Fl.-based corporation had $9.5 billion of adjusted, consolidated debt outstanding as of Dec. 31, 2003. The ratings on FPL Group reflect the consolidated credit profile of FPL Group and its various subsidiaries, mainly FPL and FPL Group Capital. The consolidated business position score of '5' results from the relatively stable cash flows from FPL, which contributes about 69% of the consolidated cash flow, combined with more risky cash flows from FPL Group Capital. FPL Group Capital adds additional
