S&P affirms Pinnacle West

Standard & Poor's said it affirmed the BBB- corporate credit ratings on Pinnacle West Capital Corp. (PWCC) and its subsidiary, Arizona Public Service Co. (APS).

The outlook is stable, reflecting the May 2 vote of the Arizona Corporation Commission to grant APS a surcharge that will address a portion of the expected fuel and purchased power deferrals the utility is expected to incur in 2006, the agency said.

S&P added it views the decision as a step in the right direction to preserve credit quality and added that the decision allows PWCC's credit metrics to remain barely in line with the benchmarks for the ratings.

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