FirstEnergy Ohio Moves Forward On Securitization

A handful of FirstEnergy power utility affiliates in Ohio are marketing a $446 million rate-recovery securitization, which is slated to price Wednesday. The affiliates--The Cleveland Electric Illuminating Company, Ohio Edison Company and Toledo Edison Company--are seeking to recover losses from increased fuel costs, power purchases and the transition of customers with electric heating to market pricing. The deal is structured with three senior tranches, assigned triple-A equivalent ratings from Fitch Ratings, Moody's Investors Service and Standard & Poor's..