Ratings Assigned

Ratings assigned to the AEP Texas Transition Funding III LLC Senior Secured Transition Bonds and to the debt issued by the Servicer

Issuer: AEP Texas Central Transition Funding III LLC
Instrument: Transition Bonds
Moody’s Rating: Aaa
S&P Rating: AAA
Fitch Rating: AAA

Servicer: AEP Texas Central Company
Instrument: Senior Unsecured Debt
Moody’s Rating: Baa2
Moody’s Outlook: Stable
S&P Rating: BBB
S&P Outlook: Stable
Fitch Rating: A-
Fitch Outlook: Stable