Highlights PJM's solid operating history and creditworthiness of members



    VALLEY FORGE, Pa., Aug. 6 /EMWNews/ -- Moody's Investors Service has

assigned PJM Interconnection an Aa3 debt rating with a stable financial

rating outlook. The Aa3 rating is one of Moody's highest investment-grade

rankings. It is comparable to an AA- on other rating scales.



    Moody's said the rating reflects PJM's "low business risk profile, the

uniqueness of its rate tariff, the creditworthiness of its members and the

vital function it plays within its region." The rating agency had

reaffirmed an Aa3 rating on PJM's senior unsecured debt in 2005. That

credit rating expired when all senior note debt was repaid in December

2007.



    "This very strong investment-grade rating reflects how creditworthy PJM

is considered because of our solid operations and business practices," said

Suzanne S. Daugherty, vice president, chief financial officer and treasurer

of PJM. "It reflects especially well on the strength of our 550 member

organizations and our emphasis on remaining independent and treating all

parties equally in order to create a robust and competitive electric power

market."



    Among Moody's considerations in setting PJM's credit rating:



    -- PJM manages its budget within limits defined and agreed upon in

advance and as recovered under its stated rates.



    -- PJM makes use of stringent credit standards that all members are

subject to both upon application for membership and on an on-going basis.



    -- Approximately 60 percent of PJM market activity is transacted by

companies with investment-grade credit ratings.



    -- Additional considerations included PJM's long-term operating

history, the size and scope of its region and the company's role in

providing a liquid marketplace for wholesale electricity.



    Moody's is a leading provider of market-based quantitative services for

banks and investors in credit-sensitive assets serving the world's largest

financial institutions.



    PJM Interconnection ensures the reliability of the high-voltage

electric power system serving 51 million people in all or parts of

Delaware, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey,

North Carolina, Ohio, Pennsylvania, Tennessee, Virginia, West Virginia and

the District of Columbia. PJM coordinates and directs the operation of the

region's transmission grid, which includes 6,038 substations and 56,350

miles of transmission lines; administers a competitive wholesale

electricity market; and plans regional transmission expansion improvements

to maintain grid reliability and relieve congestion. Visit PJM at

http://www.pjm.com.