S&P corrects, cuts FirstEnergy notes to BB-

S&P said 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 BB- from BB+ and revising the recovery ratings to 3 (50%-70%; lower end of the range) from 1.

The rating error occurred on Aug. 1 when the agency lowered the corporate credits rating on FirstEnergy Solutions Corp. to BB- from BBB-. At the same time, it had downgraded all senior secured issue-level ratings on debt at affiliates FirstEnergy Nuclear Generation and FirstEnergy Generation to BB+ with a 1 recovery and all senior unsecured issue-level ratings at these subsidiaries to BB- with a 3 recovery.

S&P said it incorrectly published the issue-level ratings on the tranches listed below as BB+ with a 1 recovery rating.

These tranches are senior unsecured obligations not senior secured obligations and are therefore rated BB- with a 3 recovery rating, the agency noted.

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