S&P: Arizona Public Service unaffected

Standard & Poor's said the draft decision issued recently in Arizona Public Service Co.'s rate case, if adopted, would be modestly beneficial for cash flows, but unlikely to result in an improvement in the current ratings.

Relative to the company's request for $434 million, the draft decision would provide $286 million in rate relief, an average rate increase of 13.5%, the agency said. Much of the recommended increase stems from adopting the company's cost projections for fuel and purchased power, the agency said.

The draft decision rejected other requests to improve Arizona Public Service's cash flow position, including allowing recovery of construction work in progress. A final vote has not been scheduled, S&P said.

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