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Moody's Downgrades FirstEnergy Subsidiary

Moody's Investors Services says it's highly likely a subsidiary of Akron-based FirstEnergy will default on a 100 million dollar bond payment in early April, which will result in bondholders losing a significant percentage of their investments. It downgraded FirstEnergy Solutions after the parent company recently received a 2.5 billion dollar infusion from equity investors and formed a restructuring working group to address debt problems. The company said it doesn't comment on investment firm ratings changes.

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