Ratings Assigned

Ratings assigned to the Appalachian Consumer Rate Relief Funding LLC Senior Secured Consumer Rate Relief Bonds and to the debt issued by the Servicer

Issuer: Appalachian Consumer Rate Relief Funding LLC
Instrument: Senior Secured Consumer Rate Relief Bonds
S&P Rating: AAA
Moody’s Rating: Aaa

Servicer: Appalachian Power Company
Instrument: Senior Unsecured Debt
Moody’s Rating: Baa2
Moody’s Outlook: Stable
S&P Rating: BBB
S&P Outlook: Stable