London, 13 June 2014 -- On 9 June 2014, PPL Corporation (PPL -- Baa3, positive) announced the signing of an agreement to spinoff its energy supply business -- PPL Energy Supply, LLC (Supply -- Baa3, negative) to existing shareholders and be merged with Riverstone Holdings LLC's merchant power operation. Following the transaction's announcement, Moody's changed the outlook on PPL to positive from stable and downgraded the ratings on Supply to Baa3 with a negative outlook. Furthermore, Moody's said that if the transaction closes as proposed PPL's ratings may be upgraded but by no more than one notch. Moody's notes that the transaction is unlikely to affect the ratings of PPL's UK regulated businesses - known as Western Power Distribution (WPD) - given that those ratings are neither constrained nor supported by its ownership.

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