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Allegheny Energy Supply Co. LLC Jun 08
Standard & Poors, June 2008
Abstract
Scaled transition, through higher capped prices, to market rates over the next three years, Valuable coal-based generation assets that will benefit from market based generation, Improvement in operational performance, Successful reduction in operations and maintenance (O&M) costs, and Credit improvement from deleveraging. Regulatory exposure from meaningfully higher generation costs, Exposure to coal and emission credits during capped low retail tariff rates, Significant exposure to stricter environment standards, specially relating to carbon, Counterparty risk from poor creditworthiness of coal suppliers, Exposure to a long-term decline in gas prices, Company has to build operational credibility, and Capital expenditure is debt funded along with cash generated from operations; any shortfall in expected cash flow could increase debt. The ratings on Allegheny Energy Supply...
Companies mentioned in this report are: Allegheny Energy Supply Co. LLC,Allegheny Energy Inc.,Monongahela Power Co.,Potomac Edison Co.,West Penn Power Co.,Allegheny Generating 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
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