Moody's affirms PPL Baa3

Moody's Investors Service said it affirmed PPL Corp.'s Baa3 issuer rating and its subsidiary PPL Capital Funding's Baa3 senior unsecured debt guaranteed by PPL.

The outlook for PPL and PPL Funding is stable.

The rating affirmations follow PPL's receipt of Federal Energy Regulatory Commission approval of its pending acquisition of E.ON U.S. LLC and its subsidiaries Kentucky Utilities and Louisville Electric & Gas, the agency said.

The affirmation of PPL's rating considers the additional regulatory scale, diversity and cash flow stability that will result from its acquisition of E.ON US, Moody's said. The rating also recognizes the overall risk reduction and stability that comes as a result of PPL's increased regulatory exposure.

The rating for PPL Funding is based on the guarantees provided by PPL, Moody's said.

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