Moody's Investors Service, ("Moody's") affirmed the Baa2 Issuer Rating of PPL Corporation (PPL) as well as the Baa2 senior unsecured and Prime-2 short-term ratings of PPL Capital Funding, Inc., whose obligations are fully guaranteed by PPL Corporation. Also, Moody's affirmed the ratings of PPL Electric Utilities Corporation (PPL Electric), including its A3 senior unsecured rating and Prime-2 short-term rating for commercial paper.

NOTE: On May 22, 2020, the press release was corrected as follows: In the first sentence of the third paragraph of the Ratings Rationale section, the percentage of rate base regulated by the FERC was changed to 50%, and in the second sentence of the third paragraph of the Ratings Rationale section, the amount of the large capital investment program was changed to $4 billion. New York, May 20, 2020 -- Moody's Investors Service, ("Moody's") affirmed the Baa2 Issuer Rating of PPL Corporation (PPL) as well as the Baa2 senior unsecured and Prime-2 short-term ratings of PPL Capital Funding, Inc., whose obligations are fully guaranteed by PPL Corporation.