June 25, 2002

FPL, FPL Group Capital credit ratings confirmed by Moody's

JUNO BEACH, Fla. -- FPL Group, Inc. (NYSE: FPL) said today that Moody's Investors Service has confirmed Florida Power & Light Company's senior secured credit rating at Aa3 and FPL Group Capital, Inc.'s senior unsecured credit rating at A2.

Moray Dewhurst, chief financial officer for FPL Group Inc., said, "We are pleased that Moody's has confirmed our credit ratings. Clearly, FPL Group has one of the strongest balance sheets in the industry, and we are pleased that Moody's recognizes our financial strength and integrity."

Moody's said the confirmation reflects FPL's strong coverage ratios (which indicates a strong cash flow from operations), which is among the best in the industry, good cost controls, favorable demographics, a highly residential service territory, and constructive regulatory relations.

Moody's also said, "FPL Group management has taken action to mitigate leverage related concerns by accelerating planned common equity and equity security unit issuances from 2003 to this year, strengthening its balance sheet considerably."

Moody's said the outlook for Florida Power & Light Company's ratings is stable, while the outlook for FPL Group Capital's ratings remains negative, reflecting uncertainty in the merchant generation market.

FPL Group, with annual revenues of more than $8 billion, is nationally known as a high-quality, efficient, and customer-driven organization focused on energy-related products and services. With a growing presence in 20 states, it is widely recognized as one of the country's premier power companies. Its principal subsidiary, Florida Power & Light Company, serves approximately 4 million customer accounts in Florida. FPL Energy, LLC, an FPL Group energy-generating subsidiary, is a leader in producing electricity from clean and renewable fuels. Additional information is available on the Internet at www.fplgroup.com, www.fpl.com and www.fplenergy.com.