Summary: Kentucky Utilities Co. Sep 11

Standard & Poors, September 2011

Abstract
Standard & Poor's Ratings Services bases its rating on vertically integrated electric utility Kentucky Utilities Co. (KU) on the consolidated credit profile of ultimate parent PPL Corp., which includes what we consider to be an excellent business risk profile and aggressive financial risk profile. (For more on business risk and financial risk, see "Business Risk/Financial Risk Matrix Expanded," published May 27, 2009, on RatingsDirect on the Global Credit Portal.) In the U.S., holding company PPL Corp. consists of KU and other vertically integrated utility subsidiary Louisville Gas & Electric Co. (LG&E). In addition, PPL Corp. owns transmission and distribution electric utility PPL Electric Utilities Corp. (PPLEU) and PPL Energy Supply LLC, an unregulated generation subsidiary that has 10,760 megawatts of...

Companies mentioned in this report are:
- Kentucky Utilities Co.
- Louisville Gas & Electric Co.
- PPL Electric Utilities Corp.
- PPL Corp.
- PPL Energy Supply LLC

Action: Review

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Kentucky Utilities Co.
- Louisville Gas & Electric Co.
- PPL Electric Utilities Corp.
- PPL Corp.
- PPL Energy Supply LLC

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