Fitch gives FirstEnergy Pennsylvania BBB

Fitch Ratings said it assigned a first-time long-term issuer default rating of BBB with a stable outlook to FirstEnergy Pennsylvania Electric Co. (FE PA).

The rating action follows the Dec. 31, 2023, close of FirstEnergy Corp.'s (FE; BBB-/stable) consolidation of its four Pennsylvania-based utilities - Metropolitan Edison Co. (ME), Pennsylvania Electric Co. (PN), Pennsylvania Power Co. (PP) and West Penn Power Co. (WP) into FE PA effective Jan. 1.

As a result of the consolidation, Fitch said it withdrew its BBB ratings and stable outlooks for ME, PN, PP and WP and reassigned their securities ratings to FE PA.

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