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Published on 11/14/2022 in the Prospect News Bank Loan Daily and Prospect News Investment Grade Daily.

S&P moves Avista trend to negative

S&P said it changed its outlook for Avista Corp. to negative from stable and affirmed the BBB issuer rating, the A- senior secured debt rating, and the BB+ rating on Avista Corp. Capital II’s floating-rate capital securities.

“Inflation–which includes higher expenses, customer refunds, rising interest rates, and delayed recovery of purchased fuel costs–has contributed to the company's weakening financial measures. As such, we revised our outlook on Avista to negative from stable; under our base case, we expect a funds from operations FFO-to-debt ratio of 13%-14% for 2022 and 2023,” the agency said in a press release.

S&P warned the outlook indicates it sees Avista’s financing performance sagging to a level consistently below the downgrade threshold.


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