Fitch gives Nevada Power notes BBB

Fitch Ratings said it assigned a BBB rating to Nevada Power Co. (dba NV Energy)s $250 million issuance of secured general and refunding mortgage notes.

The 5.375% 30-year series X notes rank pari passu with the company's other secured debt and are due Sept. 15, 2040, the agency said.

The outlook is stable.

According to Fitch, proceeds from the issuance will be used to redeem $206 million of unsecured tax-exempt local furnishing bonds and $20 million of unsecured tax-exempt pollution control refunding revenue bonds, with the remaining proceeds to repay credit facility borrowings.

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