The consolidated rating on diversified energy company FPL Group Inc. 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 in the U.S. and stable revenue stream from the predominately residential customer base. Concerns include the company's strong commitment to growing its unregulated energy businesses, the higher-risk cash flows from FPL Energy's portfolio of merchant generation, the utility's increased exposure to natural gas, and a weak consolidated financial profile for the 'A' rating and satisfactory business risk profile
