The rating on West Penn Power Co. (WPP) reflects the consolidated credit profile of parent Allegheny Energy Inc., which incorporates the regulated cash flows of utility subsidiaries WPP, Monongahela Power Co., Potomac Edison Co. along with transmission company Trans-Allegheny Interstate Line Co. (TrAIL). In conjunction with these regulated cash flows is the higher business risk of unregulated generation subsidiary Allegheny Energy Supply Co. LLC (AE Supply). Allegheny's consolidated credit quality reflects a strong business risk profile and an aggressive financial risk profile. Following the announcement of the pending merger with First Energy Corp., it was determined that Allegheny's credit profile would only slightly improve. We consider WPP's business risk profile as excellent. Greensburg, Pa.-based Allegheny has roughly $4.6 billion of
