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Southern's changes to Vogtle project a credit negative, Moody's says

Jun. 25, 2020 3:17 PM ETThe Southern Company (SO) StockSOBy: Carl Surran, SA News Editor17 Comments
  • The re-sequencing of construction activities at the Vogtle nuclear project has a negative impact on the credit of Southern Co.'s (SO -2%) Georgia Power unit, Moody's says.
  • "The unexpected, late-stage changes" to planned activities is credit negative for Georgia Power because it indicates "challenges with the project continue, increasing the likelihood of additional cost overruns and further schedule delays," Moody's says.
  • The utility's long-term rating remains unchanged at Baa1 and its outlook is stable, according to Moody's, whose long-term ratings range from Aaa down to C.
  • Georgia Power said earlier this week that it has rescheduled certain project construction activities, primarily due to "continued challenges in electrical construction productivity" and adjustments to work practices at the project site due to the coronavirus.

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