S&P ups FirstEnergy units

S&P said it raised its issuer credit ratings to BB+ from BB 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 Co. (OE), Potomac Edison Co. (PE), Pennsylvania Electric Co. (Penelec), Pennsylvania Power Co. (Penn Power), Toledo Edison Co. (TE), Trans-Allegheny Interstate Line Co. (TrAIL), and West Penn Power Co. (WPP).

The agency also upgraded the senior secured issue ratings at CEI, OE, TE, Penn Power, WPP, PE and MonPower to BBB+ from BBB, reflecting a 1+ recovery rating and the senior unsecured ratings to BBB- from BB+ at CEI, OE, MetEd, Penelec, JCP&L, MonPower, ATSI, MAIT, and TrAIL.

S&P also affirmed all ratings at FirstEnergy Corp. and FirstEnergy Transmission LLC (FET), including the BB issuer ratings, the BB senior unsecured debt ratings and the B+ preferred stock issue-level ratings at FE.

FirstEnergy created six distinct five-year senior unsecured committed credit facilities to replace the company's two previous credit facilities maturing December 2022.

“S&P Global Ratings believes this measure supplements the existing insulating measures in place. Cumulatively, we view the structural protections and the strength of each operating subsidiaries' stand-alone credit profiles as sufficient to rate FE's regulated utilities up to one notch higher than FE's group credit profile (GCP),” the agency said in a press release.

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