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Fitch: Southwestern bonds A-
Fitch Ratings said it assigned an A- rating to Southwestern Public Service Co.'s $100 million issuance of 4.5% first mortgage bonds, series 1, due Aug. 15, 2041.
The proceeds will be used to repay short-term debt and for general corporate purposes, including financing capital expenditures, Fitch said.
The new notes rank equally in right of payment with existing senior secured notes of Southwestern, Fitch said.
The outlook is negative.
The ratings reflect the company's improving financial metrics, regulatory stability, sizable capital investment plan and sufficient liquidity, Fitch said.
Concerns include the funding needed for its multi-year capital plan, timely capital investment cost recovery and project completion risk, the agency said.
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