S&P lifts Berkshire Hathaway Energy, subsidiaries

Standard & Poor's said it raised its issuer credit rating on Berkshire Hathaway Energy Co. to A from BBB+, the rating on its senior unsecured debt to A- from BBB+ and the short-term rating on it and its U.S.-based utility subsidiaries to A-1 from A-2.

S&P also raised the issuer credit ratings on subsidiaries PacifiCorp and MidAmerican Energy Co. to A from A-, and the issuer credit ratings on subsidiaries Nevada Power Co. and Sierra Pacific Power Co., and intermediate holding company NV Energy Inc., to A from BBB+.

In addition, the agency assigned its A issuer credit rating to intermediate holding company MidAmerican Funding LLC.

The outlook is stable for all companies.

S&P said the upgrades follow its reassessment of the linkage between parent Berkshire Hathaway Inc. and its subsidiary Berkshire Hathaway Energy.

The reassessment reflects Berkshire Hathaway Energy’s strategic importance and contributions to consolidated Berkshire Hathaway, incorporating S&P’s view of Berkshire Hathaway Energy’s growing importance to the group's consolidated earnings. As a result, Berkshire Hathaway Energy’s issuer credit rating is now two notches closer to its parent.

S&P’s view of Berkshire Hathaway Energy’s own credit profile is unchanged.

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