Fitch upgrades Allegheny Energy ratings |
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Published
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Fri, 28 Dec 2007 20:37
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NEW YORK (AP) - Fitch Ratings upgraded Allegheny Energy Inc.'s credit ratings to investment-grade levels on Friday, citing the utility's payment of $2 billion worth of debt over the past four years.Fitch upgraded Allegheny's issuer default rating one notch to 'BBB-' from 'BB+.' It did the same for the issuer default and senior-unsecured debt ratings of Allegheny's energy-supply business and its power generation business. It also lifted the senior-secured debt rating for Allegheny Energy Supply Company LLC to 'BBB' from 'BBB-'.All current ratings are investment grade and the outlook is 'Stable.'The upgrades of the supply and generation businesses stem from higher power prices, as well as lower debt and associated costs. The overall company's ratings are supported by Allegheny's coal-fired plants in the PJM Interconnection capacity markets; its service to the Mid-Atlantic region; and its improved financial position, Fitch said.Shares of Allegheny Energy rose 66 cents to $64.30 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Upgrades of German insurers' Q-IFS ratings greater than downgrades - Fitch 