EFTA Document EFTA01378312

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Corporate Credit > U.S. Investment Grade FirstEnergy Corp. Updated: November 2, 2015 Trade Idea: Buy FirstEnergy Solutions 5-year bonds Investment Rationale: From an investment perspective, we continue be believe FE bonds offer good value. While we acknowledge that the company's operating results over the past few quarters has been lackluster, we think the steps being taken to improve the credit profile should eventually help bond