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Allegheny Energy Supply's Secured Bank Loan and Bond Ratings Raised To 'BB-' Outlook Positive Feb 05
Standard & Poors, Feb 2005
Abstract
NEW YORK (Standard & Poor's) Feb. 17, 2005--Standard & Poor's Ratings Services today raised its rating on Allegheny Energy Supply Inc.'s (AE Supply) secured bank loan (which had $1.044 billion of debt as of October 2004) and $380 million secured bonds to 'BB-', from 'B+'. In addition, the recovery rating on these debt issues was raised to '1', from '2'. The upgrades reflect the declining balance of AE Supply's outstanding secured debt as proceeds from asset sales were used to pay down debt. The '1' recovery rating indicates that holders of the bank loan can expect strong likelihood of full recovery of principal in the event of default or bankruptcy. The 'BB' rating on the secured debt is currently one...
Companies mentioned in this report are: Allegheny Energy Supply Co. LLC,Allegheny Energy Inc.,Ohio Valley Electric Corp.
Action: New Rating
Action: Outlook: Positive
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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