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ALLEGHENY GENERATING CO. $150 MILLION DEBENTURE SHELF 'A+' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, July 23 /PRNewswire/ -- Allegheny Generating Co.'s $150 million debenture shelf registration is rated "A+" by Fitch, it was announced today. The company's "A+" debentures and medium-term notes and "F-1+" commercial paper are affirmed. The credit trend is stable.
 The ratings reflect a power agreement with AGC's parent companies and the strong operating and financial profile of the Allegheny Power System, a holding company whose revenues and earnings are derived from three operating subsidiaries -- Monongahela Power Co., (27 percent), Potomac Edison Co. (28 percent), and West Penn Power Co. (45 percent). Allegheny Generating Co. is owned by these operating subsidiaries. The company's only asset is its 40 percent ownership interest (840 mw) in the Bath County pumped storage hydroelectric plant.
 AGC is regulated by the Federal Energy Regulatory Commission (FERC), which sets "cost of service" wholesale rates so AGC can recover operating, maintenance, and capital costs from its parent companies. The current return on equity is 11.53 percent.
 APS is complying with Clean Air Act phase 1 requirements by building scrubbers at its mine-mouth Harrison plant for $726.6 million, including allowance for funds used during construction. APS has received favorable regulatory treatment of construction work in progress for Clean Air related expenditures in all but one of its regulatory jurisdictions. The Harrison plant is owned by Monongahela Power (25 percent), Potomac Edison (33 percent), and West Penn Power (42 percent).
 -0- 7/23/93
 /CONTACT: Josephine Zeppieri, CFA of Fitch, 212-908-0575/


CO: Allegheny Generating Co. ST: IN: UTI SU: RTG

TS -- NY079 -- 5270 07/23/93 15:51 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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