Moody’s ups West Penn, Metropolitan Edison, Pennsylvania Electric

Moody's Investors Service said it upgraded the ratings of West Penn Power Co., including its issuer rating to A3 from Baa1; Metropolitan Edison Co., including its senior unsecured and issuer ratings to A3 from Baa1; and Pennsylvania Electric Co., including its senior unsecured and issuer ratings to Baa1 from Baa2.

The agency also affirmed the ratings of Pennsylvania Power Co., including its Baa1 issuer rating.

The outlook for all companies is stable.

Moody’s said the actions follow the Pennsylvania Public Utilities Commission’s (PAPUC) approved rate case settlements for all four companies on Jan. 19, their second rate increase in two years.

"The upgrade of WPP, MetEd and Penelec reflect the credit supportive regulatory environment in Pennsylvania and the companies' strong metrics, bolstered by two rate case settlement approvals in the past two years," Moody’s senior vice president Swami Venkataraman said in a news release.

"Our analysis also incorporates the expectation that the transmission assets at MetEd and Penelec will soon be transferred into a standalone transmission subsidiary of FirstEnergy."

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