Fitch rates Arizona Public Service notes A-

Fitch Ratings said it assigned an A- rating to Arizona Public Service Co.’s issuance of $300 million of senior unsecured notes due May 15, 2025.

The outlook is positive.

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

Proceeds will be used to refinance $300 million of maturing unsecured debt due May 15.

Fitch said key rating drivers include strong credit metrics; improving customer growth; low leverage; net metering rate design evolving; balanced regulatory environment; and large capex program.

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