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Summary: Cleveland Electric Illuminating Co. Mar 11
Standard & Poors, March 2011
Abstract
We base the corporate credit rating of Cleveland Electric Illuminating Co. (CEI) on a consolidated analysis of its parent, FirstEnergy Corp. The parent company's transformation from an integrated electric utility holding company to a model that encompasses regulated electric T&D operations and unregulated merchant electric generation and marketing activities. While we no longer consider the company as fully integrated, we regard the two segments as equally important to the company and as contributing equally to the consolidated credit profile. The utilities and the generating plants that were formerly rate-based assets retain a strategic connection. The 2011 merger with Allegheny Energy Inc. has resulted in a slightly weaker business risk profile and could slow efforts to strengthen the company's financial position...
Companies mentioned in this report are: Cleveland Electric Illuminating Co.
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
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