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Allegheny Generating Co. Feb 06
Standard & Poors, Feb 2006
Abstract
Long-term power sales contracts with its two parent companies. One of its parent companies, Allegheny Energy Supply LLC, has a weak credit profile. The ratings on Allegheny Generating Co. are based on its parents' ratings and the absence of any default characteristics that distinguish the company from its parents. Debt is rated as a senior unsecured obligation of the parent companies. Allegheny Generating's only asset is a 40% (1,010 MW) undivided interest in the 2,525 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. LLC (AE Supply; about 77% 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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