S&P rates Nevada Power notes BB

Standard & Poor's said it affirmed its B+ corporate credit rating on Sierra Pacific Resources and its utility subsidiaries Nevada Power Co. and Sierra Pacific Power Co. It also affirmed the BB rating on the secured debt at the utilities, the B- rating on the unsecured debt at all three companies, and the CCC+ rating on the preferred stock at the utilities.

A BB rating was assigned to the proposed $130 million general and refunding mortgage notes, series I, at Nevada Power. These bonds will refund an upcoming $130 million maturity in April 2004.

S&P said ratings on Sierra Pacific Resources and its utility subsidiaries Nevada Power Co. and Sierra Pacific Power Co. reflect the weak consolidated business and financial profiles of the utilities and the parent.

© 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.