Pennsylvania Electric Co. Nov 09
Standard & Poors, November 2009
Abstract
Parent FirstEnergy Corp.'s fleet of low-cost, baseload power generation plants in Ohio and Pennsylvania; The parent's lower-risk transmission and distribution (T&D) operations; Generally constructive regulatory relationships; and The parent's good cash flow generation, good liquidity, and a stable financial profile. A business strategy at the parent that could increasingly expose generation cash flows to greater market risk; An uneven historical operating performance for the parent's nuclear fleet; Significant environmental expenditures possibly unrecoverable through regulated rates; and Cost pressures (pollution control, coal prices) on the baseload, coal-fired plants. The ratings on Pennsylvania Electric Co. (Penelec) are based on the consolidated credit profile of its parent, FirstEnergy Corp., a utility holding company with seven electric utility subsidiaries, including 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.
Research Type: Full Analysis
- Pennsylvania Electric Co.
- Cleveland Electric Illuminating Co.
- Jersey Central Power & Light Co.
- Metropolitan Edison Co.
- Ohio Edison Co.
- Pennsylvania Power Co.
- Toledo Edison Co.
- CTC Beaver Valley Funding Corp.
- CTC Mansfield Funding Corp.
- PNPP II Funding Corp.
- Beaver Valley II Funding Corp.
- BVPS II Funding Corp.
- Penelec Capital
- Met-Ed Capital L.P.
- JC P&L Capital L.P.
- Ohio Edison Financing Trust
- Ohio Edison Financing Trust II
- FirstEnergy Corp.
- FirstEnergy Generation Corp.
- FirstEnergy Nuclear Generation Corp.
- FirstEnergy Solutions Corp.
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