Moody's: PPL WEM notes at Baa3

Moody's Investors Service said it assigned a definitive Baa3 rating to the $460 million of 3.9% senior notes due 2016 and the $500 million of 5.375% senior notes due 2021 issued by PPL WEM Holdings plc.

The outlook is stable.

The rating reflects PPL WEM's position as holding company of Western Power Distribution (East Midlands) plc and of Western Power Distribution (West Midlands) plc following its recent acquisition of the two companies, the agency said.

The rating takes account of the overall consolidated credit quality of the Western Power Distribution Group as well as the credit profile of the two distribution network operators, Moody's said.

The rating considers the group's very low business risk profile as monopoly providers of electricity distribution services in their licensed areas in the Midlands region of the United Kingdom, the agency added.

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