PPL WEM Holdings Ltd -- Moody's affirms Baa1/Baa3 ratings of Western Power Distribution; outlook stable

London, 01 April 2014 -- Moody's Investors Service ("Moody's") has today affirmed the Baa1/(P)Baa1 senior unsecured ratings of the four distribution network operators (DNOs) owned by the Western Power Distribution (WPD) group. Those companies are Western Power Distribution (South Wales) plc -- [South Wales], Western Power Distribution (South West) plc -- [South West], Western Power Distribution (East Midlands) plc -- [East Midlands] and Western Power Distribution (West Midlands) plc -- [West Midlands]. Concurrently Moody's has affirmed the Baa3 senior unsecured ratings of the intermediate holding companies of those issuers -- PPL WW Holdings Ltd and PPL WEM Holdings Ltd. Finally, Moody's has today also assigned a long-term senior unsecured rating of (P)Baa1 to South Wales and South West, which are now named borrowers under the group's GBP3 billion Euro Medium Term Note Programme. The outlook on all of the ratings is stable.

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