Moody's affirms MidAmerican Energy

Moody's Investors Service said it affirmed the long- and short-term debt ratings of MidAmerican Energy Co. at A2 senior rating and Prime-1 commercial paper rating and its parent MidAmerican Funding, LLC's senior rating at A3.

The outlook remains stable.

The actions follow the assessment of MidAmerican Energy's financial and operational performance and business risk, the agency said.

Ratings are supported by the low risk and stability of its rate-regulated utility business, constructive regulatory treatment particularly in Iowa and sound credit metrics, the agency noted.

"MidAmerican Energy Company benefits from a low-cost electric generation fleet, which together with credit-supportive rate mechanisms and a prudent financial strategy enable it to maintain solid financial performance," Moody's vice president Mihoko Manabe said in a statement.

MidAmerican's ratings also consider the company's position as a subsidiary of MidAmerican Energy Holdings Co. (Baa1 senior rating) and its affiliation with Berkshire Hathaway Inc. (Aa2 issuer rating), the agency said.

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