Stable cash flow from regulated transmission and distribution (T&D) business. Low financial leverage and strong cash flow protection measures. Reasonable regulatory environment. Retail tariff rates among the lowest in the region. Weak liquidity and lack of access to capital markets of the consolidated parent, Allegheny Energy Inc. Reliance on a financially distressed affiliate for most of its power supply until 2008. Regulated T&D tariffs that are capped through 2005 and a generation tariff through 2008. The ratings on West Penn Power Co. (West Penn) reflect the consolidated credit profile of its parent, Allegheny Energy Inc., whose credit quality is determined in conjunction with that of its unregulated subsidiary, Allegheny Energy Supply (AE Supply) and its regulated utility subsidiaries -- Monongahela
