Regulated transmission and distribution utility with recurring operating cash flow; and Credit supportive regulatory jurisdiction. Generation rates frozen through the end of 2010; and High industrial demand concentration. 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
