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Allegheny Energy Inc. Feb 06
Standard & Poors, Feb 2006
Abstract
Regulated subsidiaries generate stable cash flow; Valuable, legacy coal-based generation assets; and Retail tariffs are among the lowest in the region, except for West Virginia. Below-market, generation price cap in Pennsylvania; Rising cost of compliance coal; and Below-average operational performance. The rating on Allegheny Energy Inc. reflects the company's progress in restoring its credit profile after the previous management's unsuccessful expansion into trading activities. The company has sold most of its trading portfolio and less profitable operations and now operates with considerably less debt. Allegheny has made significant progress in overcoming many of the operational challenges, such as low tariff rates and the rising cost of coal and emission credits. Although most issues are expected to be under control or...
Companies mentioned in this report are: Allegheny Energy Inc.,Monongahela Power Co.,Potomac Edison Co.,West Penn Power Co.,Allegheny Generating Co.,Allegheny Energy Supply Co. LLC
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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