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RATING ACTION: MOODY'S DOWNGRADES MISSISSIPPI POWER TO Baa2, NEGATIVE

Global Credit Research - 14 Aug 2015
Approximately $2.2 billion of debt securities downgraded
New York, August 14, 2015 --

Moody's Investors Service, ("Moody's") downgraded Mississippi Power Company's senior unsecured rating to Baa2 from Baa1 and its preferred stock rating to Ba1 from Baa3. The rating outlook is negative. This rating action concludes the review of Mississippi Power's rating initiated on 27 May 2015. Moody's affirmed the ratings of The Southern Company (Southern, Baa1 senior unsecured) with a stable outlook.
Ratings Rationale
"The downgrade of Mississippi Power's ratings reflects the lack of permanent cost recovery provisions in place for the Kemper IGCC plant since the Mississippi Supreme Court invalidated the utility's 2013 rate plan earlier this year," said Michael G. Haggarty, Associate Managing Director. "The downgrade also considers the increased concentration risk, financial exposure and liquidity pressure on the utility following the exit of its electric cooperative utility partner from a planned 15% ownership in the Kemper plant," added Haggarty.

POINT-COUNTERPOINT: EPA POLICY'S IMPACT

FROM THE CLARION LEDGER
AUGUST 15, 2015
The Clarion-Ledger invited Ron Aldridge, Mississippi state director of the National Federation of Independent Business, and Louie Miller, state director of the Mississippi chapter of the Sierra Club, to provide their thoughts on this week’s Point/Counterpoint question.

LETTER TO THE SUN HERALD: RENEWABLE ENERGY IS THE KEY TO OUR FUTURE

FROM THE SUN HERALD LETTERS TO THE EDITOR PAGE
BY LOUIE MILLER,
STATE DIRECTOR, MISSISSIPPI SIERRA CLUB
Right now, our Public Service Commission is deciding on Mississippi's energy future. If the commission moves forward with its proposed rooftop solar or "net-metering" program, our neighborhoods could power our homes, boost our economy and provide us with energy independence. READ MORE

STATE DIRECTOR LOUIE MILLER: OUR BEST CHANCE TO BRING SOLAR TO MISSISSIPPI

Mississippi is one of only six states with no net metering policy! Tell the PSC to adopt strong pro-solar policies like net metering. We need to add your voice to the list of public supporters of this crucial step toward a clean energy future for our state. Send in your comment now!

FINALLY, A MISSISSIPPI PSC DRAFT OF NET METERING RULES AND STANDARDS

Cue the Etta James record on the turntable. Press play on the Beyonce download.
Because, at last, the Mississippi Public Service Commision has issued a set of draft net metering rules and standards. We will be reviewing the rules and standards for the next 2 months, and will be posting regularly on this issue, so watch this space. Would you like to download the document?
PSC DRAFT NET METERING RULES

AFTER OIL SPILL, GULF SEAFOOD INDUSTRY IS RECOVERING

FROM MARKETPLACE
by Laine Kaplan-Levenson
Thursday, April 9, 2015

You think a seafood dock smells bad? Try walking in to the New Orleans Fish House. More than a dozen workers in white aprons and knee-high rubber boots feverishly sharpen knives to clean puppy drum and hand-cut tuna steaks.
Michael Ketchum is director for national retail sales at the Fish House. He convinces grocery stores and restaurants that Gulf seafood is the way to go.
"We supply almost every restaurant in the city: We supply Acme Oyster House, Commander's Palace, Emeril's, the Brennans' restaurants. We're running 300 to 500 deliveries a day." READ MORE

SOLAR OFFERING MISSISSIPPI DIVERSIFIED ENERGY

SPECIAL FROM THE CLARION LEDGER
BY CHARLIE MITCHELL
April 14, 2015

OXFORD – Among Mississippi’s abundant blessings — and the state is abundantly blessed — is sunshine. The Magnolia State has great soil, lush forests, abundant wildlife and delicious fresh food from gardens, lakes and the Gulf of Mexico.

BLANTON: MISSISSIPPI POWER GAVE SUPREME COURT NO LEGAL BASIS TO REVERSE REFUND

BY PAUL HAMPTON/SUN HERALD
Hattiesburg oilman Tom Blanton on Thursday filed his latest response in a long-running battle with Mississippi Power over its 2013 rate increase. "There is no legal or factual basis for the Court to reverse its position and rule in Mississippi Power Company's favor," the response begins. "The majority and concurring opinions issued by the Court on February 12, 2015, are cogent, tightly considered opinions."

NEW YORK JUST SHOWED EVERY OTHER STATE HOW TO DO SOLAR RIGHT

"This is as exciting as the Public Service Commission gets." NRDC attorney Raya Salter
— From Mother Jones, Article by Tim McDonnell
New York wants to get serious about solar power. The state has a goal to cut its greenhouse gas emissions 80 percent below 1990 levels by 2050, and it's already among the nation's solar leaders. New York ranks ninth overall for total installed solar, and in 2013 alone it added enough to power more than 10,000 homes.

SPEAKING TRUTH TO POWER: JUSTICE ON KEMPER FROM THE MISSISSIPPI SUPREMES

Last Thursday's decision from the Mississippi Supreme Court was stunning and emphatic.

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