On April 1, 2011, U.S. diversified energy company PPL Corp. completed its acquisition of the two U.K. regulated electricity distribution network operators (DNOs) of E.ON AG. We are lowering our long- and short-term corporate credit ratings on the acquired regulated DNOs to 'BBB/A-3' from 'BBB+/A-2', and keeping them on CreditWatch negative. We are also assigning long- and short-term corporate credit ratings of 'BBB/A-3' to new U.K. holding company PPL WEM Holdings PLC and placing them on CreditWatch negative. The negative CreditWatch placements on all the U.K. entities reflect the negative CreditWatch placement on PPL. LONDON (Standard & Poor's) April 12, 2011--Standard & Poor's Ratings Services said today that it lowered to 'BBB/A-3' from 'BBB+/'A-2' its long-term and short-term corporate credit...
Companies mentioned in this report are:
- Western Power Distribution (East Midlands) PLC
- PPL WW Holdings Ltd.
- Western Power Distribution (West Midlands) PLC
- PPL WEM Holdings Ltd
Action: New Rating
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
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