Mississippi Power Credit Rating Cut

By: The Associated Press
By: The Associated Press

A credit rating agency has cut its outlook for Mississippi Power Co. after the company's attempt to collect money for a power plant was rejected.

Fitch Ratings said Tuesday that it is cutting the company's main credit rating to A- from A, and also said it had a negative outlook for the future. That means Fitch could cut grades again.

Fitch said it made the move because the Mississippi Public Service Commission rejected Mississippi Power's request for a $58.6 million rate increase last month. The money was supposed to start paying debt costs on the $2.76 billion coal-fired power plant that the unit of Atlanta-based Southern Co. is building in Kemper County.

The commission voted 3-0 to delay rate increases until the Sierra Club's lawsuit against the plant is resolved.

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  • by ShadowDancer on Jul 7, 2012 at 05:32 AM
    Good! A company should be allowed to take cuts and losses, and not have the burden put on the people! NO BAILOUT IN THE FORM OF HIGHER ENERGY COST FOR YOU mississippi power!
  • by Good Location: Meridian on Jul 3, 2012 at 01:56 PM
    Glad it they got a cut in their credit rating...they are nothing but crooks
    • reply
      by Anonymous on Jul 5, 2012 at 08:30 AM in reply to Good
      Remember Posey and Bentz let it get this far. Don't let them forget it!
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