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Allegheny Energy Inc. Outlook Changed to Stable Feb 04
Standard & Poors, Feb 2004
Abstract
NEW YORK (Standard & Poor's) Feb. 17, 2004--Standard & Poor's Ratings Services today revised its outlook on Allegheny Energy Inc. (Allegheny) and its subsidiaries to stable from negative with the pending refinancing of its bank loans, which alleviates concerns associated with near-term refinancing risk. At the same time, Standard & Poor's assigned its 'B' rating and a recovery rating of '2' to the $1.3 billion secured credit facility at Allegheny's generation subsidiary, Allegheny Energy Supply (AE Supply). The '2' recovery rating indicates Standard & Poor's expectation that holders of the bank loan can expect substantial (80% to 100%) recovery of principal in the event of a default. Allegheny, headquartered in Hagerstown, Md., owns about 11,500 MW of generation capacity and...
Companies mentioned in this report are: Allegheny Energy Inc.,Allegheny Energy Supply Co. LLC
Action: New Rating
Action: Outlook: Stable
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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