Ratings Assigned

Ratings assigned to the Ohio Phase-In-Recovery Funding LLC Senior Secured Phase-In-Recovery Bonds and to the debt issued by the Servicer

Issuer: Ohio Phase-In-Recovery Funding LLC
Instrument: Senior Secured Phase-In-Recovery Bonds
S&P Rating: AAA
Moody’s Rating: Aaa

Servicer: Ohio Power Company
Instrument: Senior Unsecured Debt
Moody’s Rating: Baa1
Moody’s Outlook: Stable
S&P Rating: BBB
S&P Outlook: Stable