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Fitch gives Mississippi Power notes BBB+
Fitch Ratings said it assigned a BBB+ rating to Mississippi Power Co.’s issuance of $300 million series 2018A floating-rate senior notes due March 2020 and $300 million 3.95% series 2018B senior notes due March 2028.
The outlook is positive.
The net proceeds will be used to prepay a portion of the $900 million unsecured term loan.
The agency said that, given Southern Co.'s tangible financial support of Mississippi Power during the construction of the Kemper IGCC project, Fitch had tied Mississippi Power's ratings to those of the parent, two notches below the parent's issuer default rating.
With the resolution of all Kemper-related issues, not including any pending legal challenges, Fitch said it is moving to a standalone rating for Mississippi Power.
The agency said it expects Mississippi Power's credit metrics to improve to levels commensurate with a BBB rating with resolution of all rate matters related to Kemper.
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