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
PENNSYLVANIA ELECTRIC COMPANY
(Exact name of registrant as specified in charter)
Pennsylvania 1-3522 25-0718085
(State or other (Commission (IRS employer
jurisdiction of file number) identification no.)
incorporation)
1001 Broad Street, Johnstown, Pennsylvania 15907
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (814) 533-8111
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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 to recover from customers certain
future Three Mile Island Unit No. 2 retirement costs.
Consequently Pennsylvania Electric Company ("Penelec") recorded
pre-tax charges to income in the quarter ended June 30, 1994
totaling $56.3 million.
As a result of the Commonwealth Court decision, on
August 9, 1994, Standard & Poor's Corporation ("S&P") downgraded
its credit ratings for Penelec's first mortgage bonds and
cumulative preferred stock. S&P has assigned new ratings of A-
to Penelec'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 A-,
respectively. S&P also revised its outlook for Penelec from
"negative" to "stable".
As previously reported in August 1994, Moody's
Investors Service ("Moody's") also downgraded the credit ratings
of Penelec's senior securities by one category. Duff & Phelps
has not changed Penelec's credit ratings following the
Commonwealth Court decision.
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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.
PENNSYLVANIA ELECTRIC COMPANY
By:______________________________
Don W. Myers, Vice President
and Treasurer
Date: August 9, 1994
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