NextEra'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 the past year as Florida, and FP&L's service territory in particular, have suffered during the recession, and regulators have responded with decisions that reflect more intense political influence over the regulatory environment. Maintaining financial strength despite regulatory setbacks and a moribund economy in Florida will be challenging, although the utility's recent settlement with intervenors in the wake of the 2010 base rate case may be an indication that it has regained its regulatory footing. More importantly,
