Moody’s rates Nevada Power bonds A2

Moody’s Investors Service said it affirmed the ratings of Nevada Power Co. (Baa1), Sierra Pacific Power Co. (Baa1) and their intermediate parent holding company, NV Energy, Inc. (Baa2).

The outlooks remain stable.

The agency assigned a rating of A2 to Nevada Power's planned about $575 million two-year first mortgage bond issuance.

Proceeds will be used to partially refinance debt coming due in 2018.

Moody’s said the affirmations recognize that, because of active debt reduction and the benefits of bonus depreciation, cash flow credit metrics for Nevada Power and Sierra Pacific have been relatively strong in recent years.

“Going forward, we anticipate metrics will moderate somewhat, but will remain appropriate for the ratings,” the agency said in a news release.

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