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Cleveland Electric Illuminating Co. Mar 10
Standard & Poors, March 2010
Abstract
Parent's fleet of low-cost, baseload power generation plants in Ohio and Pennsylvania; Relatively low-risk transmission and distribution (T&D) operations; Generally constructive regulatory relationships; Good cash flow generation and liquidity; and Stable financial profile. Parent's commitment to credit quality is uncertain; Parent's business strategy that increasingly exposes financial results to greater market risk; Parent's nuclear fleet's uneven historical operating performance; and Future environmental expenditures at parent are not assured recovery. The ratings on Cleveland Electric Illuminating Co. (CEI) are based on the consolidated credit profile of its parent, FirstEnergy Corp., a merchant energy and utility holding company with seven electric utility subsidiaries, including CEI, Ohio Edison Co., and Toledo Edison Co. in Ohio; Pennsylvania Power Co., Pennsylvania Electric Co., and Metropolitan...
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
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