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Fitch: Allegheny view positive
Fitch Ratings said it affirmed the ratings of Allegheny Energy, Inc. and its subsidiaries, including Allegheny's BB+ issuer default rating, the BB issuer default ratings and BB+ senior unsecured debt ratings of Allegheny Energy Supply, LLC and Allegheny Generating Co. and the BB+ preferred securities of Monongahela Power Co.
The outlook was revised to positive from stable to reflect the improving credit profiles of these issuers and Fitch's expectation that growing cash flow generation at Supply will result in improvements in consolidated credit measures. In addition, Allegheny's outlook assumes that Maryland and Pennsylvania regulators will separately approve plans to procure power for the residential load needs of Potomac Edison Maryland and West Penn customers and recover the power purchase costs in rates beginning in January 2009 and January 2011, respectively.
Fitch's rating concerns for the group include the risks of under-recovery or recovery lags in purchased power and other costs at the utilities, cost increases in the scrubber projects, stricter environmental regulations and prolonged unit outages.
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