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S&P puts Allegheny Generating on positive watch
S&P said it placed its B+ issuer credit rating on Allegheny Generating Co. on CreditWatch with positive implications. S&P also placed the BB- issue-level rating on the senior unsecured note on CreditWatch positive.
The 2 recovery rating on the unsecured notes is unchanged.
The ratings on related Allegheny Energy Supply LLC are also unchanged.
The CreditWatch placement stems from the announcement by ultimate parent FirstEnergy Corp. that upon the sale of Allegheny Energy Supply LLC's assets in the first half of 2018, Monongahela Power Co. will likely be sole owner of Allegheny Generating Co., according to a FERC-approved reorganization plan from earlier this year.
“The CreditWatch placement reflects our expectation that we could raise the rating on Allegheny Generating Co. by several notches after the sale of most of its operating assets and an assessment of the strategic importance to Monongahela Power,” S&P said in a news release.
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