SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): ~~September~~April 27, ~~11, 2003~~2004

Commission File Number	Registrant; State of Incorporation; Address and Telephone Number	IRS Employer Identification No.

333-50350	PPL Montana, LLC (Exact name of Registrant as specified in its charter) (Delaware) 303 North Broadway - Suite 400 Billings, MT 59101 (406) 237-6900	54-1928759

Item 9. ~~Rating~~Regulation ~~Agency~~FD ~~Announcement~~Disclosure

On ~~September~~April 1127, ~~2003~~2004, ~~Moody~~PPL Montana, LLC (the "Company") filed a Form 15 with the Securities and Exchange Commission (the "SEC"), which suspends the Company's duty to file ~~Investors~~reports ~~Service,~~with ~~Inc.~~the ~~announced~~SEC ~~that~~under itthe ~~was~~Securities ~~placing~~Exchange ~~PPL~~Act ~~Montana,~~of ~~LLC~~1934. The Company's obligation to file such reports began in 2001 following its exchange of unregistered 8.903% Pass Through Certificates ~~due~~for ~~2020~~SEC-registered ~~under~~securities ~~review~~with ~~for~~the ~~possible~~same material ~~downgrade~~financial terms (the "Certificates"). ~~These~~Under applicable SEC ~~securities~~rules, the Company no longer is obligated to file such reports because there are fewer than 300 holders of record of the Certificates. There currently are 16 ~~rated~~holders ~~Baa3~~of byrecord ~~Moody's~~of the Certificates.

~~Moody's~~The ~~stated~~Company ~~that~~continues ~~its~~to ~~review~~be isbound ~~prompted~~ by ~~its~~the ~~concerns~~terms ~~about~~of the ~~credit~~Pass ~~profile~~Through ofTrust ~~PPL~~Agreement ~~Montana's~~(the ~~largest~~"Trust Agreement") ~~customer,~~between ~~NorthWestern~~the ~~Corporation,~~Company and ~~lower~~JPMorgan ~~cash~~Chase ~~flow~~Bank, ~~generation~~as ~~than~~Pass ~~was forecasted~~Through atTrustee (the ~~time the securities were issued in 2000~~"Trustee"). ~~PPL Montana supplies~~ ~~300~~Pursuant MWto ~~of around-~~the~~-clock~~ ~~electricity~~Trust ~~and~~Agreement, ~~150~~the MWCompany ofis ~~on-peak~~required ~~electricity~~ to provide certain ~~NorthWestern~~financial ~~Corporation~~information ~~under~~to athe ~~five-year~~Trustee, ~~agreement~~and ~~that~~the ~~began~~Trustee inis ~~July~~required, ~~2002.~~in turn, Ato ~~copy~~provide ofthis ~~Moody's~~information ~~press release relating~~ to ~~its~~holders ~~planned~~of ~~review~~Certificates, isupon ~~attached as an exhibit to this report~~request.

Management does not expect any action by Moody's based on this review to limit PPL Montana's ability to fund its short-term liquidity needs. PPL Montana has no plans to raise new long-term debt. Any ratings downgrade by Moody's would have an immaterial impact on PPL Montana's cost of maintaining the credit facility that it has in place with its affiliate. In addition, management does not expect any ratings downgrade by Moody's based on this review to have any adverse impact on the credit ratings of PPL Corporation, PPL Energy Supply, LLC or PPL Electric Utilities Corporation.SIGNATURE

~~The~~Pursuant ~~ratings~~to ofthe ~~Moody's are~~requirements ~~not~~of athe ~~recommendation~~Securities toExchange ~~buy,~~Act ~~sell~~of or1934, ~~hold~~the ~~any~~Registrant ~~securities~~has ofduly ~~PPL~~caused ~~Montana or its~~this ~~affiliates.~~report ~~Such~~to ~~ratings may~~ be ~~subject~~signed toon ~~revisions~~its orbehalf ~~withdrawal~~ by the ~~agencies at~~undersigned ~~any~~hereunto ~~time~~duly ~~and should be evaluated independently of each other and any other rating that may be assigned to PPL Montana's securities~~authorized.

Certain statements which are contained in this Current Report on Form 8-K, including statements with respect to liquidity, credit ratings and plans to raise new long-term debt, are "forward-looking statements" within the meaning of the federal securities laws. Although PPL ~~Montana believes that the expectations and assumptions reflected in these forward-looking statements are reasonable~~MONTANA, these statements involve a number of risks and uncertainties, and actual results may differ materially from the results discussed in the statements. Any such forward-looking statements should be considered in light of such important factors and in conjunction with PPL Montana's Form 10-K and other reports on file with the Securities and Exchange Commission.LLC

~~Item~~By: 7/s/ James E. ~~Financial~~Abel ~~Statements~~James ~~and~~E. ~~Exhibits~~Abel Treasurer

	(c)	Exhibits
		99.1 -	Press Release, dated September 11, 2003, by Moody's Investors Service, Inc.

Dated:April 27, 2004

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PPL MONTANA, LLC

By: /s/ James E. Abel James E. Abel Treasurer

Dated:September 15, 2003

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