Report title: Credit Analysis: Jersey Central Power & Light Company (A Subsidiary of FirstEnergy Corp.)
from Fitch Research
4 page (2092 word) report published Oct 05, 2009

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...Fitch Ratings affirmed the ratings of Jersey Central Power & Light Company (JCP&L) on Aug. 13, 2009. JCP&L's credit profile is supported by the company's stable and predictable cash flows as a regulated transmission and distribution (T&D) electric utility, strong interest and coverage measures for Fitch's `BBB' rating category guidelines, and a reasonable regulatory environment in New Jersey. The ratings also take into consideration JCP&L's linkage to parent company FirstEnergy Corp. (FE, rated `BBB'/Stable), as FE manages its regulated operating subsidiaries as a system from an organizational, operational, and liquidity perspective. Furthermore, FE is highly dependent on its regulated utilities for upstream cash distributions to support parent-level debt obligations and working capital requirements. As such, the ratings of JCP&L are constrained by those of FE. For the 12-month period ended June 30, 2009, JCP&L posted strong credit metrics, with the ratio of EBITDA to interest at 9.4x and...

Report Type: Full Rating Report
Company(ies): Cleveland Electric Illuminating Co., FirstEnergy Corporation, FirstEnergy Solutions Corp., Metropolitan Edison Company, Ohio Edison Company, Pennsylvania Electric Company, Pennsylvania Power Company, Toledo Edison Company
Ticker(s): FE
Issuer: FirstEnergy Solutions Corp.
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