Summary: West Penn Power Co.

Fully rate-regulated electric distribution and transmission businesses. We view the company's ability to manage regulatory risk as average compared with peers. We view the transmission business as accounting for about 15% of West Penn Power Co. Limited size and business diversity. Use of the medial volatility table based on a low-risk regulated business model and average management of regulatory risk compared with peers. Core financial measures that are consistent with the lower-end of the intermediate financial risk profile category. Expect slow sales growth of less than 1%. Rising capital spending that approximates $140 million. The stable outlook on West Penn Power Co. (WPP) incorporates our expectation that parent FirstEnergy Corp.'s competitive businesses will account for about 30% of the total

...Use of the medial volatility table based on a low-risk regulated business model and average management of regulatory risk compared with peers....

Summary