TEXT-S&P: American Electric Power ratings unaffected
July 3 - Standard & Poor's Ratings Services said today that the Public Utilities Commission of Ohio's decision to transition Ohio Power Co. (BBB/Stable/--), a subsidiary of American Electric Power Co. Inc. (BBB/Stable/A-2), to full retail competition for generation effective no later than Aug. 8, 2012, has no immediate effect on ratings. However, in the longer term we believe this change will likely erode credit quality. We would consider deferrals of changes in capacity prices to be unsupportive of credit quality because cash flow would decline, and could result in financial measures inconsistent with the current rating. In addition, the business risk profile of the company is pressured as it transitions to an unregulated model for generation in Ohio.
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