S&P upgrades PPL, affirms E.ON

Standard & Poor's said it raised the corporate credit ratings on PPL Corp. and PPL Energy Supply LLC to BBB+ from BBB on the expected acquisition of E.ON U.S. LLC and its utility subsidiaries Louisville Gas & Electric Co. and Kentucky Utilities Co. for $7.625 billion.

The outlook is stable. Ratings were removed from CreditWatch with positive implications, where they were placed on April 28, following the acquisition announcement.

The agency affirmed the BBB+ ratings on LG&E and KU, and their parent, E.ON U.S.

The outlook stable.

S&P said the upgrade reflects an improved credit profile of the consolidated company following the acquisition closing.

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