Fitch assigns A to Arizona Public Service notes

Fitch Ratings said it assigned an A rating to Arizona Public Service Co.’s issuance of $250 million of senior unsecured notes, due Nov. 15, 2045.

The outlook is stable.

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

Proceeds will be used to defease roughly $70 million of tax-exempt pollution control bonds and for general corporate purposes including the funding of capex.

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

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