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Fitch rates NV Energy notes BB
Fitch Ratings said it assigned a BB rating to NV Energy, Inc.'s pending $315 million issue of 6¼% senior notes due 2020 and affirmed its long-term issuer default rating and senior debt at BB.
The outlook is stable.
Proceeds will be used to redeem all of NV Energy's outstanding 7.803% and 8.625% senior notes due 2012 and 2014, respectively.
The agency said the ratings and outlook reflect the relatively predictable earnings and cash flow characteristics of NV Energy's core utility operating companies, Nevada Power Co. and Sierra Pacific Power Co.; the near-completion of a multi-year plan to significantly increase the utilities' company-owned generation; and a balanced regulatory environment in Nevada.
The key factors constraining the ratings are the company's high debt leverage and relatively weak financial metrics and the tough economic conditions in Nevada, Fitch said.
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