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S&P lifts Texas-New Mexico Power from junk
Standard & Poor's said it raised its corporate credit rating on Texas-New Mexico Power Co. to BBB from BB+ and removed the rating from CreditWatch with positive implications. The senior unsecured debt rating was also raised to BBB from BB+.
The upgrade follows the closing of PNM Resources Inc.'s (BBB/stable/A-2) acquisition of TNP Enterprises Inc., the previous parent company of Texas-New Mexico Power.
The outlook is stable.
S&P said the rating on Texas-New Mexico Power now mirrors the corporate credit rating on PNM Resources Inc. and its electric and gas utility subsidiary, Public Service Co. of New Mexico (BBB/stable/A-2). TNP Enterprises' debt has been called and will be paid down by July 6. As a result, the ratings on TNP Enterprises have been withdrawn.
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