Fitch lifts Pinnacle West, Arizona Public Service

Fitch Ratings said it upgraded the issuer default ratings of both Pinnacle West Capital Corp. and vertically integrated electric utility subsidiary Arizona Public Service Co. to A- from BBB+.

Both outlooks were revised to stable from positive.

Additionally, the agency affirmed both short-term issuer default ratings at F2.

Roughly $3.7 billion of long-term debt is affected by this action.

Fitch said the credit rating upgrades reflect solid operating performance at the electric utility, strong credit metrics, an improving service territory economy including expectations for continued customer growth, and a constructive regulatory environment in Arizona.

The ratings also consider the utility's solid liquidity position, manageable debt maturities and low leverage.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.