Moody’s downgrades Mississippi Power

Moody’s Investor Service downgraded Mississippi Power Company’s rating today.
They say it’s because of the expected battle the company will have to wage to recover its cost for the “increasingly uneconomic Kemper integrated gasification combined cycle plant.” The downgrade is on nearly $800 million of debt securities.
Moody’s began the rating review February 6th after Mississippi Power delayed the in-service date of the energy facility in Kemper County using lignite once again. Mississippi Power has since announced that at current low natural gas rates, the facility can operate more economically on gas than on lignite coal.