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Fitch affirms Avista ratings
Fitch Ratings said it has affirmed Avista Corp.'s ratings, including its senior secured rating of BBB-, senior unsecured rating of BB+, and preferred securities rating of BB. The trust preferred ratings of Avista Capital I and Avista Capital II were also affirmed at BB by Fitch.
The outlook is stable.
Fitch said the ratings consider Avista's improving financial metrics and a generally supportive regulatory environment. Although Avista's financial ratios remain weak relative to its credit category, future debt reduction is expected to be facilitated by excess cash flows contributed primarily by the core utility business and to a lesser degree by Avista's unregulated energy operation, Avista Energy.
Utility cash flows are likely to continue to benefit from recovery of deferred power costs, recent and prospective electric and natural gas rate increases and manageable capital requirements, the agency added.
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