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Allegheny Generating Co. Dec 03
Standard & Poors, Dec 2003
Abstract
Regulated subsidiaries of parent generate stable cash flow. Weak cash flow and constrained liquidity. Inability to provide timely financial disclosure. Parent company's weak credit profile. The ratings on Allegheny Generating Co. are based on its parent companies and the absence of any default characteristics that distinguish Allegheny Generating from its parents. Allegheny Generating's debt is rated as a senior unsecured obligation of the parent companies. Allegheny Generating's only asset is a 40% (840 MW) undivided interest in the 2,100 MW Bath County pumped-storage hydroelectric station, which began commercial operation in late 1985, and its connecting transmission facilities. Allegheny Generating, a subsidiary of Allegheny Energy Inc., is jointly owned by affiliates Allegheny Energy Supply Co. (73% ownership) and Monongahela Power Co....
Companies mentioned in this report are: Allegheny Generating Co.,Allegheny Energy Inc.,Monongahela Power Co.,Potomac Edison Co.,West Penn Power 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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