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Pennsylvania Power Co. Jul 11
Standard & Poors, July 2011
Abstract
The parent company'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 free cash flow generation and liquidity; and Stable financial profile. Uncertain commitment to credit quality; A business strategy at the parent that exposes financial results to greater market risk; Uneven historical operating performance of the parent's nuclear fleet; and No guarantee that future environmental expenditures at the parent will be recovered. Standard & Poor's Ratings Services bases the corporate credit rating on Pennsylvania Power Co. (Penn Power) on a consolidated analysis of its ultimate parent, FirstEnergy Corp. The parent company changed from an integrated electric utility holding company to a model that encompasses a...
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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