-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, DrMpV5oh15bQB6QxMLzv2fZISC2Tgd3kEaCpOi/yPkZvHaszQLNlgyma90MFVfuu 5Q2dLiA0vOLSdv/h8dkJSA== 0001193125-03-044512.txt : 20030902 0001193125-03-044512.hdr.sgml : 20030901 20030902171803 ACCESSION NUMBER: 0001193125-03-044512 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20030829 ITEM INFORMATION: Other events FILED AS OF DATE: 20030902 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROGRESS ENERGY INC CENTRAL INDEX KEY: 0001094093 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 562155481 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-15929 FILM NUMBER: 03876930 BUSINESS ADDRESS: STREET 1: 410 S WILMINGTON ST CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9195466463 MAIL ADDRESS: STREET 1: 410 S WILMINGTON ST CITY: RALEIGH STATE: NC ZIP: 27601 FORMER COMPANY: FORMER CONFORMED NAME: CP&L ENERGY INC DATE OF NAME CHANGE: 20000314 FORMER COMPANY: FORMER CONFORMED NAME: CP&L HOLDINGS INC DATE OF NAME CHANGE: 19990830 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA POWER CORP / CENTRAL INDEX KEY: 0000037637 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 590247770 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03274 FILM NUMBER: 03876931 BUSINESS ADDRESS: STREET 1: 3201 34TH ST SOUTH STREET 2: ONE PROGRESS PLAZA CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278205151 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FLORIDA PROGRESS CORP CENTRAL INDEX KEY: 0000357261 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 592147112 STATE OF INCORPORATION: FL FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08349 FILM NUMBER: 03876932 BUSINESS ADDRESS: STREET 1: ONE PROGRESS PLAZA STREET 2: STE 2600 CITY: ST PETERSBURG STATE: FL ZIP: 33701 BUSINESS PHONE: 7278246400 MAIL ADDRESS: STREET 1: ONE PROGRESS PLZ STREET 2: SUITE 2600 CITY: ST PETERSBURG STATE: FL ZIP: 33701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAROLINA POWER & LIGHT CO CENTRAL INDEX KEY: 0000017797 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 560165465 STATE OF INCORPORATION: NC FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03382 FILM NUMBER: 03876934 BUSINESS ADDRESS: STREET 1: 411 FAYETTEVILLE ST CITY: RALEIGH STATE: NC ZIP: 27601 BUSINESS PHONE: 9195466111 8-K 1 d8k.htm CURRENT REPORT Current Report

 

As filed with the Securities and Exchange Commission on September 2, 2003

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of report (date of earliest event reported):

August 29, 2003

 

 

Commission

File Number

    Exact name of registrants as specified in their charters, state of incorporation, address of principal executive offices, and telephone number    I.R.S. Employer Identification Number

1-15929

    Progress Energy, Inc.    56-2155481
    

410 S. Wilmington Street

Raleigh, North Carolina 27601-1748

Telephone: (919) 546-6111

State of Incorporation: North Carolina

     

1-8349

    Florida Progress Corporation    59-2147112
    

A Florida Corporation

410 South Wilmington Street

Raleigh, North Carolina 27601

Telephone: (919) 546-6111

     

1-3274

    Florida Power Corporation    59-0247770
    

d/b/a Progress Energy Florida, Inc.

A Florida Corporation

100 Central Avenue

St. Petersburg, Florida 33701

Telephone: (727) 820-5151

     

1-3382

    Carolina Power & Light Company    56-0165465
    

d/b/a Progress Energy Carolinas, Inc.

410 S. Wilmington Street

Raleigh, North Carolina 27601-1748

Telephone: (919) 546-6111

State of Incorporation: North Carolina

     

 

The address of the registrants has not changed since the last report.

 

This combined Form 8-K is filed separately by four registrants: Progress Energy, Inc., Florida Progress Corporation, Florida Power Corporation d/b/a Progress Energy Florida, Inc. and Carolina Power & Light Company d/b/a Progress Energy Carolinas, Inc. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf.

 

 

ITEM 5. OTHER EVENTS

 

On August 29, 2003, Standard and Poor’s Ratings Services (“S&P”) announced that it is lowering its corporate credit rating on Progress Energy, Inc., Progress Energy Carolinas, Inc., Progress Energy Florida, Inc. and Florida Progress Corporation (collectively, the “Companies”) to ‘BBB’ from ‘BBB+.’ The ‘A-2’ short-term credit ratings of the Companies were affirmed. The outlook of the Companies’ ratings was changed from negative to stable. The new ratings announced by S&P are listed in the table below. S&P indicated that the lower rating reflects weakened financial performance stemming from the economic downturn impacting regulated utilities, compounded by overcapacity in the Southeast weakening the financial performance of Progress Energy, Inc.’s unregulated merchant generation portfolio and high financial leverage. S&P noted that Progress Energy, Inc.’s tax-advantaged synthetic fuels business also has the effect of reducing Progress Energy, Inc.’s cash flow in the near term. S&P further indicated that the stable outlook reflects the stable nature of the Progress Energy Carolinas and Progress Energy Florida subsidiaries and the reasonably predictive financial performance of Progress Energy, Inc. over the next several years. The Companies do not expect these changes to have a material impact on their respective access to capital or financial results.

 

     Standard and Poor’s

Progress Energy, Inc.

     

Corporate Credit Rating

            BBB

Senior Unsecured

            BBB-

Commercial Paper

            A-2

Progress Energy Carolinas, Inc.

     

Corporate Credit Rating

            BBB

Commercial Paper

            A-2

Senior Secured Debt

            BBB

Senior Unsecured Debt

            BBB

Subordinate Debt

     

Preferred Stock

            BB+

Progress Energy Florida, Inc.

     

Corporate Credit Rating

            BBB

Commercial Paper

            A-2

Senior Secured Debt

            BBB

Senior Unsecured Debt

            BBB

Preferred Stock

            BB+

Florida Progress Corporation

     

Corporate Credit Rating

            BBB

Commercial Paper

            A-2

FPC Capital I

     

Preferred Stock*

            BB+

Progress Capital Holdings, Inc.

     

Senior Unsecured Debt*

            BBB-
      

*Guaranteed by Florida Progress Corporation

     

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

PROGRESS ENERGY, INC.

FLORIDA PROGRESS CORPORATION

FLORIDA POWER CORPORATION

CAROLINA POWER & LIGHT COMPANY

Registrants

By:

  

/s/    Robert H. Bazemore, Jr.        

   

Robert H. Bazemore, Jr.

Vice President and Controller

 

Date: September 2, 2003

 

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