S&P lifts Sierra Pacific

Standard & Poor's said it raised Sierra Pacific Resources' corporate credit rating to BB from BB-.

At the same time, the agency said that the secured ratings at Nevada Power Co. and Sierra Pacific Power Co. were raised to BBB from BB+ while the recovery rating was revised to 1+ from 1.

The agency said that unsecured notes at Nevada Power were raised to BB+ from BB and unsecured notes at Sierra Pacific were raised to BB from BB-.

The outlook is stable.

According to S&P, the upgrades reflect the substantial progress made by the company to secure additional generating resources and reduce short positions, adequately hedge market exposures, reduce financial leverage and constructively manage regulatory risk by working with the Public Utilities Commission of Nevada and the legislature to support timely cost recovery.

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