Fitch rates Arizona Public Service notes A-

Fitch Ratings said it assigned an A- rating to Arizona Public Service Co.’s issuance of $250 million 3.35% coupon senior unsecured notes due June 15, 2024.

The senior unsecured notes rank pari passu with existing senior unsecured debt.

The proceeds will be used to repay a portion of the company’s $300 million of 5.8% senior notes scheduled due June 30, Fitch said.

The outlook is positive.

The ratings reflect the company’s strong credit metrics, improving customer growth, relatively low leverage, balanced regulatory environment and large capital expenditure, the agency said.

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