Moody's on May 14 said it would maintain a negative outlook on The Southern Company's Prime-1 short-term rating for commercial paper following The Southern Company's announcement that it will acquire a 25-percent ownership interest in Berliner Kraft und Licht AG (Bewag), an electric distribution company in Berlin.
Southern will purchase a 25-percent share for $830 million, pending approval by Berlin's parliament and European regulators. A recently established consortium, consisting of Southern Co. and two German utilities (PreussenElektra and Bayernwerk) will control 75 percent of Bewag.
Articles found on this page are available to Internet subscribers only. For more information about obtaining a username and password, please call our Customer Service Department at 1-800-368-5001.