S&P affirms PNM Resources

S&P said it affirmed the BBB+ issuer credit ratings on PNM Resources Inc. and subsidiaries Public Service Co. of New Mexico (PSNM) and Texas-New Mexico Power Co. (TNMP).

The outlook remains stable.

At the same time, the agency affirmed the BBB+ ratings on PSNM's senior unsecured debt and the A ratings on TNMP's senior secured debt.

S&P said the affirmation follows the recent recommended decision from the hearing examiner in PSNM's current general rate case, largely recommending approval of a previously agreed upon settlement, with certain key modifications.

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