Southern Co. Buys German Utility
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.