FirstEnergy Nuclear Generation LLC And FirstEnergy Generation LLC Ratings Corrected To #C# From #CCC+# (Recovery: #6#)

Stocks and Financial Services Press Releases Wednesday February 7, 2018 09:23
NEW YORK--7 Feb--S&P Global Ratings

NEW YORK (S&P Global Ratings) Feb. 6, 2018--S&P Global Ratings said today that it corrected its issue-level ratings on three tranches of FirstEnergy Nuclear Generation LLC and FirstEnergy Generation LLC's senior unsecured notes by lowering them to 'C' from 'CCC+' and by revising the recovery ratings on the debt to '6' (0%-10%; rounded estimate: 5%) from '1'.

The rating error occurred on Jan. 31, 2018, when we lowered the recovery rating on unsecured obligations of FirstEnergy Solutions and its subsidiaries to 'C' from 'CCC-' and revised the recovery rating on those issuances to '6' from '4'. At the time, we made no changes to the negative outlook or issuer credit rating. While the issuances in question were rated in the investment grade category, they were remarketed, losing security in the process.

We incorrectly published the issue-level ratings on the tranches listed below as 'CCC+' with a '1' recovery rating. These tranches are senior unsecured obligations, not senior secured obligations and are therefore rated 'C' with a '6' recovery rating.

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