FirstEnergy Corp. Group Ratings Raised And Removed From CreditWatch; Outlook Stable

On Nov. 7, 2021, FirstEnergy Corp. (FE) announced it reached an agreement with Brookfield Super-Core Infrastructure Partners to sell a 19.9% minority interest in FirstEnergy Transmission LLC (FET) for $2.4 billion. At the same time, the company announced that Blackstone is going to invest up to $1 billion of common equity that FE intends to use for its smart grid and energy transition plan and to reduce debt. FE also recently announced the remediation of its material weakness identified within its internal controls along with a settlement in multiple proceedings with the Public Utilities Commission of Ohio (PUCO). We raised our issuer credit ratings (ICRs) on FE and FET to 'BBB-' from 'BB'. We also raised our ICRs on American

...November 8, 2021 - On Nov. 7, 2021, FirstEnergy Corp. (FE) announced it reached an agreement with Brookfield Super-Core Infrastructure Partners to sell a 19.9% minority interest in FirstEnergy Transmission LLC (FET) for $2.4 billion. At the same time, the company announced that Blackstone is going to invest up to $1 billion of common equity that FE intends to use for its smart grid and energy transition plan and to reduce debt. FE also recently announced the remediation of its material weakness identified within its internal controls along with a settlement in multiple proceedings with the Public Utilities Commission of Ohio (PUCO). - We raised our issuer credit ratings (ICRs) on FE and FET to '###-' from '##'. - We also raised our ICRs on American Transmission Systems Inc. (ATSI), Cleveland Electric Illuminating Co. (CEI), Jersey Central Power & Light Co. (JCP&L), Mid-Atlantic Interstate Transmission LLC (MAIT), Metropolitan Edison Co. (MetEd), Monongahela Power Co. (MonPower), Ohio Edison...

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