WCBE News

FirstEnergy Credit Rating Lowered In Wake Of Alleged Bribery Scheme

WCBE 90.5FM | By Ohio Public Radio

Published November 25, 2020 at 7:29 PM EST

Akron-based FirstEnergy's credit rating has been downgraded to junk status by the big three rating agencies. It's another blow to the company that has been linked to a 61 million alleged racketeering scheme. Ohio Public Radio's Andy Chow reports.

Moody's has downgraded FirstEnergy's credit rating to Ba1, which puts the large utility company at below investment grade status with all three credit agencies.

In July, federal investigators revealed a bribery scheme that suggested FirstEnergy funneled millions of dollars to a dark money group in order to help Republican Larry Householder get elected as House Speaker and push through a sweeping energy bill that accomplished several things on FirstEnergy's legislative agenda, including a nuclear power plant bailout.

Since then, a FirstEnergy lobbyist has pleaded guilty to the racketeering charge.

The company says it has created new accountability measures to address these issues.

Tags

Ohio Public Radio

The Statehouse News Bureau was founded in 1980 to provide educational, comprehensive coverage of legislation, elections, issues and other activities surrounding the Statehouse to Ohio's public radio and television stations. To this day, the Bureau remains the only broadcast outlet dedicated to in-depth coverage of state government news and topics of statewide interest. The Bureau is funded througheTech Ohio, and is managed by ideastream. The reporters at the Bureau follow the concerns of the citizens and voters of Ohio, as well as the actions of the Governor, the Ohio General Assembly, the Ohio Supreme Court, and other elected officials. We strive to cover statehouse news, government issues, Ohio politics, and concerns of business, culture and the arts with balance and fairness, and work to present diverse voices and points of view from the Statehouse and throughout Ohio. The three award-winning journalists at the bureau have more than 60 combined years of radio and television experience. They can be heard on National Public Radio and are regular contributors to Morning Edition, All Things Considered and Marketplace. Every weekday, the Statehouse News Bureau produces in-depth news reports forOhio's public radio stations. Those stories are also available on this website, either on the front page or in our archives. Weekly, the Statehouse News Bureau produces a television show from our studios in the Statehouse. The State of Ohio is an unique blend of news, interviews, talk and analysis, and is broadcast on Ohio's public television stations. The Statehouse News Bureau also produces special programming throughout the year, including the Governor's annual State of the State address to the Ohio General Assembly and a five-part year-end review.

See stories by Ohio Public Radio