Fitch rates Arizona Public Service notes A

Fitch Ratings said it assigned an A rating to Arizona Public Service Co.’s offering of $300 million of 30-year senior unsecured notes due Dec. 1, 2049.

Proceeds will be used to repay short-term borrowings, fund planned capex, and provide a portion of the funds needed to refinance $250 million of 2.2% unsecured notes maturing in January 2020.

The outlook is negative.

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