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Moody's Investor Services

Akron-based FirstEnergy's credit rating has been downgraded to junk status by the big three rating agencies.

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.

One of the largest credit rating agencies in the country is warning U.S. cities and states to prepare for the effects of climate change or risk being downgraded.