S&P lowers Idacorp

Standard & Poor's said it lowered the corporate credit ratings on Idacorp Inc. and electric utility subsidiary Idaho Power Co. to BBB from BBB+.

The outlook is stable.

S&P said the downgrade was driven by a gradual deterioration of cash flow coverage and a proposed general rate case settlement, which does not sufficiently address long-term ratemaking issues tied to rising costs and load growth pressures.

According to the agency, the BBB corporate credit rating on Idacorp is based on the consolidated credit profile of the company.

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