U.K. OpCos WPD West And East Midlands Downgraded To 'BBB/A-3' On New Owner; New HoldCo Rated 'BBB/A-3'; On Watch Neg Apr 11

Standard & Poors, April 2011

Abstract
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 PLC
Action: Downgraded
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
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

Western Power Distribution (East Midlands) PLC,PPL WW Holdings Ltd.,Western Power Distribution (West Midlands) PLC,PPL WEM Holdings PLC

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