Jack:As usual, very nice brief analysis. Did you happen to notice the corporate structure of Entergy? Based upon nothing more than the Yahoo! Finance profile for ETR, ETR appears to be a holding company with both regulated and unregulated business segments. Again based upon nothing more than the Yahoo profile, it appears that the nuclear power generation business is the non-regulated portion of ETR while ETR also owns Entergy Texas, Entergy Mississippi, Entergy Lousiana, and Entergy Arkansas which are probably regulated utilities. As you are aware, a particular regulated subsidiary's balance sheet may be in far better or far worse shape than the parent holding company's balance sheet. One would have to look at Entergy Mississippi's balance sheet and also assess the regulatory envirnnment in Mississippi. Either way, I'm not interested in the bonds.....I'm just saying I don't think you can equate the balance sheet of the corporate holding company to the security of the bonds issued by one of the regulated utilities (Entergy Mississippi in this case).
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