Moody's cuts FirstEnergy

Moody's Investors Service said it downgraded the long-term ratings of FirstEnergy Solutions Corp., including its senior unsecured rating to Baa3 from Baa2.

The downgrade concludes the review for possible downgrade that began in February, Moody's said.

The outlook is stable.

The downgrade reflects weakened financial performance due to declining power prices and the gradual increase in the company's funded debt levels, Moody's said.

The ratings are supported at the revised level by an initiative to strengthen the company's balance sheet through debt reduction and the scale and competitive position of its generating assets, the agency said.

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