Moody's downgrades Mississippi Power rating

Moody's downgrades Mississippi Power rating

KEMPER COUNTY, MS (WLOX) - Moody's has downgraded its rating for Mississippi Power.

Now several years behind schedule, the project is roughly $4 billion over budget.

"There is a high degree of uncertainty with regard to regulatory treatment of the plant, as increased capital costs, higher projected operating costs and the continued inability of the utility to put the plant into service has increased the possibility that the IGCC portion of the plant may not be economic to operate at all," said an online statement from Moody's Associate Managing Director Michael G. Haggarty.

On Thursday, Mississippi Power told WLOX News Now that they are committed to a high degree of financial integrity.

To read the full rating action from Moody's, click here.

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