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Moody's assigns Aaa/VMIG1 to FirstEnergy bonds
Moody's Investors Service said it assigned a rating of Aaa/VMIG1 to the Ohio Air Quality Development Authority pollution control revenue refunding bonds, series 2008A 2008B, issued for the FirstEnergy Generation Co. Project.
Sale of $141.26 million series 2008A bonds and $100 million series 2008B bonds is expected on June 30.
The 2008A bonds are supported by a letter of credit from Barclays Bank plc (Aa1 for long-term deposits and P-1 for short-term deposits), and the 2008B bonds are supported by a letter of credit from Bank of America, NA (Aaa for long-term deposits and P-1 for short-term deposits). Moody's rates FirstEnergy Solutions Corp. Baa2.
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