...Fitch Ratings affirmed the ratings of Metropolitan Edison (Met-Ed) on Aug. 13, 2009. Met-Ed's credit profile is supported on the company's stable and predictable cash flows as a regulated transmission and distribution (T&D) electric utility, and strong interest and coverage measures. The ratings also take into consideration the utility's rating linkage to parent company FirstEnergy Corp. (FE, rated `BBB'/Stable) and relatively small size within the FE group, 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. For the 12-month period ended June 30, 2009, Met-Ed had very sound credit metrics, with the ratio of EBITDA to interest at 7.4x and cash flow interest coverage of 5.9x. Leverage, as measured by the ratio of debt to EBITDA, was moderate at 3.0x....
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| Company(ies): | Cleveland Electric Illuminating Co., FirstEnergy Corporation, FirstEnergy Solutions Corp., Jersey Central Power & Light Company, Ohio Edison Company, Pennsylvania Electric Company, Pennsylvania Power Company, Toledo Edison Company
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