SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of
earliest event reported): August 9, 1994
GENERAL PUBLIC UTILITIES CORPORATION
(Exact name of registrant as specified in charter)
Pennsylvania 1-6047 13-5516589
(State or other (Commission (IRS employer
jurisdiction of file number) identification
incorporation) no.)
100 Interpace Parkway, Parsippany, New Jersey 07054
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (201) 263-6500
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ITEM 5. OTHER EVENTS.
As previously reported, on July 11, 1994 the
Pennsylvania Commonwealth Court reversed a March 1993 rate order
of the Pennsylvania Public Utility Commission permitting
Metropolitan Edison Company ("Met-Ed") to recover from customers
certain future Three Mile Island Unit No. 2 retirement costs.
Consequently Met-Ed and Pennsylvania Electric Company ("Penelec")
have recorded pre-tax charges to income in the quarter ended June
30, 1994 totaling $183.9 million.
As a result of the Commonwealth Court decision, on
August 9, 1994, Standard & Poor's Corporation ("S&P") downgraded
its credit ratings for Met-Ed's and Penelec's first mortgage
bonds and cumulative preferred stock. S&P has assigned new
ratings of BBB+ to Met-Ed's first mortgage bonds and BBB to its
cumulative preferred stock and shelf registration of monthly
income preferred securities. The previous ratings were A- and
BBB+, respectively. S&P similarly lowered Penelec's credit
ratings by one category -- from A to A- for first mortgage bonds
and from A- to BBB+ for cumulative preferred stock and shelf
registration of monthly income preferred securities. S&P also
revised its outlooks for both Met-Ed and Penelec from "negative"
to "stable".
S&P did not change its ratings or outlook for Jersey
Central Power & Light Company ("JCP&L").
As previously reported in August 1994, Moody's
Investors Service ("Moody's") also downgraded the credit ratings
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of Met-Ed's and Penelec's senior securities by one category, and
in addition, downgraded JCP&L's senior securities by one category
as well. Duff & Phelps has not changed the credit ratings for
the three companies following the Commonwealth Court decision.
As a result of these actions, S&P and Moody's have now assigned
equivalent ratings to the GPU subsidiaries, while Duff & Phelps
rates the senior securities of Met-Ed and Penelec one category
higher.
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SIGNATURE
PURSUANT TO THE REQUIREMENTS OF THE SECURITIES EXCHANGE
ACT OF 1934, THE REGISTRANT HAS DULY CAUSED THIS REPORT TO BE
SIGNED ON ITS BEHALF OF THE UNDERSIGNED THEREUNTO DULY
AUTHORIZED.
GENERAL PUBLIC UTILITIES CORPORATION
By:__________________________________
Don W. Myers, Vice President
and Treasurer
Date: August 9, 1994
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