S&P: PPL off watch

Standard & Poor's said that it affirmed the BBB corporate credit rating on PPL Corp.

S&P removed the rating from CreditWatch with negative implications, where they were placed on March 2 following the announcement of the acquisition of E.ON UK. The outlook is stable.

The ratings affirmations and removal of the CreditWatch listings follow PPL's recently completed offerings of 92 million shares of PPL common stock and 19.55 million of equity units, the agency said.

The CreditWatch listing was directly related to the execution of the financing plan for the acquisition, which included the company's commitment of a substantial issuance of equity, the agency added.

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