A stable cash flow from regulated transmission and distribution (T&D) business, Low financial leverage and strong cash flow protection measures as a stand-alone entity, and A reasonable regulatory environment. A frozen generation tariff through 2010, and High concentration in industrial demand (40% of megawatt-hours sold). The rating on West Penn Power Co. (West Penn) reflects the consolidated credit profile of its parent, Allegheny Energy Inc. (Allegheny), whose credit quality is determined with that of its unregulated subsidiary, Allegheny Energy Supply Co. LLC (AE Supply), and its regulated utility subsidiaries, Monongahela Power Co., Potomac Edison Co., and West Penn. The rating on consolidated parent Allegheny reflects the business profiles of its low-risk regulated subsidiaries that generate stable cash flow; a phased
