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S&P ups Allegheny Energy from junk
Standard & Poor's said it raised Allegheny Energy Supply Co. LLC's senior unsecured ratings to BBB- from BB+ to reflect its claim to the asset base that is no longer significantly disadvantaged.
The agency affirmed the BBB- corporate credit rating on Allegheny Supply, which follows the conclusion of an annual review.
The outlook is stable.
Ratings reflect the consolidated credit quality of parent Allegheny Energy Inc., S&P said. Allegheny's consolidated credit quality reflects a strong business risk profile and an aggressive financial risk profile.
Also affecting credit quality is uncertainty about the future of competitive markets in Virginia, Pennsylvania and Maryland, the agency said.
Risks also include exposure to coal and emission credits during low capped retail tariff rates, increasing counterparty risks to weak coal suppliers and improving supercritical plant availability, S&P noted.
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