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Energy Harbor Receives Investment Grade Rating from Moody's
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Energy Harbor Corp., the company formerly known as FirstEnergy Solutions whose restructuring process was completed this week, announced today that the company has received a Baa3 rating with a Stable outlook from Moody's Investor Service.
Moody's report stated, "The Baa3 rating reflects Energy Harbor's stable cash flow generated from power sales and capacity revenue in PJM as well as the Clean Air Credit revenue for its nuclear power plants in Ohio."
In addition, Moody's added "Medium term, greater than 95% of Energy Harbor's cash flow is 'carbon-free'. In addition, over 60% of its cash flow is derived from its visible and carbon free clean air credits and retail business, with an additional 35% from its inherently carbon free nuclear assets. Thus, Moody's views Energy Harbor's carbon transition risk to be low, benefiting the company's overall risk profile."
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February 28, 2020
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Copyright 2010-20 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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