S&P rates PNM Resources convertible BBB-

Standard & Poor's said it assigned its BBB- rating to the $250 million of senior notes issued by PNM Resources Inc. (BBB/stable/--) as a component of the Hybrid Income Term Security Units being sold.

Proceeds from the sale of the securities will be used to finance the acquisition of TNP Enterprises Inc. (BB+/Watch positive/--).

The BBB corporate credit rating of PNM Resources incorporates the credit profiles of subsidiary Public Service Co. of New Mexico (PNM) as well as that of Texas-New Mexico Power Co. (TNMP), the company being acquired.

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