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Allegheny Energy Inc. Jun 08
Standard & Poors, June 2008
Abstract
Regulated subsidiaries generate steady cash flow; Scaled transition, through higher capped prices, to market rates over the next three years; Valuable coal-based generation assets that will benefit from market-based generation; Improvement in operational performance, and PJM transmission development projects that will likely receive strong regulatory support. Exposure to coal and emission credits during capped low retail tariff rates; Significant exposure to stricter environmental standards, especially relating to carbon; Regulatory uncertainty in Virginia; Exposure to a long-term decline in gas prices; and Pollution control expenditures could still increase. The ratings on Allegheny Energy Inc. reflect the regulated cash flows of utility subsidiaries, Monongahela Power Co., West Penn Power Co., and Potomac Edison Co., in conjunction with the higher business risk of...
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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