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ALLEGHENY GENERATING CO. 'A+/F-1+' RATINGS AFFIRMED BY FITCH -- FITCH FINANCIAL WIRE --

 ALLEGHENY GENERATING CO. 'A+/F-1+' RATINGS AFFIRMED BY FITCH
 -- FITCH FINANCIAL WIRE --
 NEW YORK, March 26 /PRNewswire/ -- Ratings on Allegheny Generating Co.'s debentures and medium term notes are affirmed at 'A+', and the company's commercial paper rating is affirmed at 'F-1+.' The credit trend is changed to stable from uncertain.
 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). The Allegheny Generating Co. (AGC) whose only asset is its 40 percent ownership interest (840 mw) in the Bath County pumped storage hydroelectric plant, is owned by these operating subsidiaries.
 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. A power agreement requires AGC's parent companies to purchase their share of Bath County generating capacity whether or not it is available. AGC's commercial paper is supported by a $125 million revolving credit agreement guaranteed by the three Allegheny operating subsidiaries.
 -0- 3/26/92
 /CONTACT: Josephine Zeppieri of Fitch, 212-908-0575/
 (AYP) CO: Allegheny Generating Co. ST: New York IN: UTI SU: RTG


AH -- NY074 -- 2056 03/26/92 14:54 EST
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Publication:PR Newswire
Date:Mar 26, 1992
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