...Fitch affirmed the ratings of Ohio Edison Co. (OE) and its wholly owned subsidiary, Pennsylvania Power Co. (Penn Power), on Aug. 13, 2009. Fitch Ratings' analysis of OE and Penn Power takes into account stable credit protection measures at the utilities, affiliation with parent, FirstEnergy Corp. (FE, IDR `BBB', Stable), as well as a relatively constructive regulatory environment in Ohio. Penn Power is a relatively small subsidiary of OE and therefore the credit profile of the smaller utility is closely tied to that of its direct parent. Furthermore, FE manages its regulated operating subsidiaries as a system from an organizational, operational, and liquidity perspective. As such, the ratings of OE and Penn Power are closely aligned with that of the ultimate parent. Rating concerns include market uncertainty in Pennsylvania beginning in 2011, which could negatively impact the credit quality of Penn Power in the event the utility faces a significant or costly regulatory delay in recovering...
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| Company(ies): | Cleveland Electric Illuminating Co., FirstEnergy Corporation, FirstEnergy Solutions Corp., Jersey Central Power & Light Company, Metropolitan Edison Company, Ohio Edison Company, Pennsylvania Electric Company, Pennsylvania Power Company, Toledo Edison Company
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