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Allegheny Energy Supply Co. LLC Dec 03
Standard & Poors, Dec 2003
Abstract
Valuable coal-based generation assets. Requirements contracts with regulated affiliates generate stable cash flow. Highly leveraged financial profile. Weak liquidity. Poor operating performance of its unregulated business lines. Inability to provide timely financial disclosure. The ratings on Allegheny Energy Supply Co. LLC (AE Supply) reflect the highly leveraged financial profile, poor operating performance, and largely debt-financed growth strategy of AE Energy Supply and its unregulated businesses. These concerns are only slightly mitigated by the solid business profile and stable cash flow generation characteristics of its regulated affiliates. AE Supply is the wholly owned, nonregulated generation subsidiary of Allegheny Energy Inc., which also is the parent of regulated utility companies West Penn Power Co., Potomac Edison Co., and Monongahela Power Co., as...
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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