Diversified energy holding company NextEra Energy Inc.'s credit fundamentals on its regulated utility side have been among the strongest in the U.S., due primarily to low regulatory risk and an attractive service territory with healthy economic growth and a sound business environment. Both of those pillars have been shaken in recent years as Florida, and subsidiary Florida Power&Light's (FP&L) service territory in particular, suffered during the recession, and regulators responded in ways that reflect greater political influence over regulatory decisions. Although the company has found maintaining financial strength amid mild regulatory upheaval and a moribund economy in Florida to be challenging, its actions to rebuild its regulatory risk profile have been effective. More important, the proportion of NextEra's
