Fitch ups NV Energy to BBB-, BBB

Fitch Ratings said it upgraded NV Energy, Inc.'s issuer default rating to BBB- from BB+ following the completion of the acquisition of the company and its subsidiaries by MidAmerican Energy Holdings Co. (BBB+; stable).

At the same time, the agency upgraded the ratings for both Nevada Power Co. d/b/a/ NV Energy and Sierra Pacific Power Co.'s d/b/a/ NV Energy to BBB from BBB-.

Fitch removed the ratings of NV Energy, Nevada Power and Sierra Pacific from Rating Watch Positive where they were placed May 30, 2013, following the announcement of the merger agreement between NV Energy and MidAmerican Energy.

The outlooks are stable.

The one-notch upgrade of NV Energy and its utility operating subsidiaries ratings and the stable outlook is supported by the increased financial flexibility and lower funding costs afforded NV Energy and its subsidiaries by association with a larger, financially strong parent company.

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