S&P upgrades FirstEnergy

S&P said it raised the rating on FirstEnergy Corp. to BBB from BBB- and by one notch on most subsidiaries: FET, American Transmission Systems Inc. (ATSI), Trans-Allegheny Interstate Line Co. (TrAIL), Mid-Atlantic Interstate Transmission LLC (MAIT), FirstEnergy Pennsylvania Electric Co. (FE-PA), Ohio Edison Co., Toledo Edison Co. and Allegheny Generating Co. (AGC).

The outlook is positive.

FirstEnergy recently closed the sale of a 30% minority interest in subsidiary FirstEnergy Transmission LLC to Brookfield Super-Core Infrastructure Partners for $3.5 billion.

“We expect management to use proceeds in a credit-supportive manner, improving FE's consolidated funds from operations (FFO) to debt to consistently above 12%,” S&P said in a news release.

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