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FirstEnergy Corp. Mar 10
Standard & Poors, March 2010
Abstract
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. Commitment to credit quality is uncertain; A business strategy that increasingly exposes financial results to greater market risk; Nuclear fleet's uneven historical operating performance; and Future environmental expenditures are not assured recovery. The corporate credit rating on FirstEnergy and subsidiaries is based on the company's transformation from an integrated electric utility holding company to a model that encompasses both regulated electric T&D operations and unregulated merchant electric generation and marketing activities. While the company is no longer considered fully integrated, we regard the two segments as equally important...
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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