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S&P rates FirstEnergy convertible preferreds BB
S&P said it assigned a BB rating to FirstEnergy Corp.'s $1.62 billion convertible preferred stock issuance.
At the same time, S&P affirmed its BBB- issuer credit rating on FirstEnergy and the BB+ rating on its unsecured debt. The outlook is stable.
FirstEnergy is issuing about $850 million of common equity and about $1.62 billion of convertible preferred stock.
“We view these equity issuances as adding cushion to the company's downgrade threshold at the current rating level,” S&P said in a news release.
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