Fitch affirms Progress Energy

Fitch Ratings said it affirmed Progress Energy, Inc.'s BBB issuer default rating and subsidiaries Carolina Power and Light Co. and Florida Power Corp.'s A- issuer default ratings.

The outlook is stable.

Ratings are supported by cash flow coverage and leverage ratios that are consistent with BBB category guidelines, upstream dividends from sound utility operations, strong liquidity and historically supportive state regulatory environments in Florida, North Carolina and South Carolina, the agency said.

Concerns include significant utility capital spending needs and rising fuel and operating costs, the agency said.

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