Fitch: Pinnacle West outlook positive

Fitch Ratings said it has affirmed the long-term issuer default ratings of Pinnacle West Capital Corp. and its regulated utility subsidiary, Arizona Public Service Co., at BBB+ and revised both outlooks to positive from stable.

In addition, the short-term ratings of both were affirmed at F2.

The agency said that the key rating drivers are strong credit metrics, higher customer growth trends, low leverage, constructive regulatory environment and large capex spend with associated trackers.

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