FPL Group is an exempt 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, which wholly owns the unregulated FPL Energy LLC. The Juno Beach, Fl.-based corporation had about $9 billion of consolidated debt as of Sept. 30, 2004. Consolidated rating factors include the relatively stable cash flows from FPL, which contribute about 80% of the consolidated cash flow, combined with more risky cash flows from FPL Group Capital. FPL Group Capital adds additional risk through its aggressive acquisition and growth strategy in the competitive segment of the industry. FPL serves 4.2 million electric customers in the eastern and southern portions of Florida
