FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries - S&P Global Ratings’ Credit Research

FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries

FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries - S&P Global Ratings’ Credit Research
FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries
Published Feb 10, 2023
5 pages (2435 words) — Published Feb 10, 2023
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About This Report

  
Abstract:

FirstEnergy Corp. (FE) announced that it will sell a 30% interest in its subsidiary FirstEnergy Transmission LLC (FET) to Brookfield Super-Core Infrastructure Partners for $3.5 billion, pending regulatory approvals. We expect that management will use the proceeds in a credit supportive manner. Therefore, we revised our outlook on FE and subsidiaries FET, American Transmission Systems Inc. (ATSI), Trans-Allegheny Interstate Line Co. (TrAIL), Mid-Atlantic Interstate Transmission LLC (MAIT), Ohio Edison Co., Toledo Edison Co., Pennsylvania Electric Co., Metropolitan Edison Co., Pennsylvania Power Co., West Penn Power Co., Jersey Central Power&Light Co. (JCP&L), Cleveland Electric Illuminating Co. (CEI), and Allegheny Generating Co. (AGC) to positive from stable. We affirmed all ratings. We affirmed our ratings on Monongahela Power Co. (MP)

  
Brief Excerpt:

...February 10, 2023 - FirstEnergy Corp. (FE) announced that it will sell a 30% interest in its subsidiary FirstEnergy Transmission LLC (FET) to Brookfield Super-Core Infrastructure Partners for $3.5 billion, pending regulatory approvals. We expect that management will use the proceeds in a credit supportive manner. - Therefore, we revised our outlook on FE and subsidiaries FET, American Transmission Systems Inc. (ATSI), Trans-Allegheny Interstate Line Co. (TrAIL), Mid-Atlantic Interstate Transmission LLC (MAIT), Ohio Edison Co., Toledo Edison Co., Pennsylvania Electric Co., Metropolitan Edison Co., Pennsylvania Power Co., West Penn Power Co., Jersey Central Power & Light Co. (JCP&L), Cleveland Electric Illuminating Co. (CEI), and Allegheny Generating Co. (AGC) to positive from stable. We affirmed all ratings. - We affirmed our ratings on Monongahela Power Co. (MP) and Potomac Edison Co. (PE) with stable outlooks because rating upside is limited by their stand-alone credit profiles (SACP)....

  
Report Type:

Ratings Action

Ticker
FE
Issuer
FirstEnergy Corp.
GICS
Electric Utilities (55101010)
Sector
Global Issuers , Structured Finance
Country
United States
Region
United States
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Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries" Feb 10, 2023. Alacra Store. May 02, 2024. <http://www.alacrastore.com/s-and-p-credit-research/FirstEnergy-Corp-Outlook-Revised-To-Positive-From-Stable-On-Asset-Sale-Actions-Taken-On-Subsidiaries-2947618>
  
APA:
S&P Global Ratings’ Credit Research. (). FirstEnergy Corp. Outlook Revised To Positive From Stable On Asset Sale; Actions Taken On Subsidiaries Feb 10, 2023. New York, NY: Alacra Store. Retrieved May 02, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/FirstEnergy-Corp-Outlook-Revised-To-Positive-From-Stable-On-Asset-Sale-Actions-Taken-On-Subsidiaries-2947618>
  
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