Moody's affirms PacifiCorp

Moody's Investors Service said it affirmed PacifiCorp's long- and short-term debt ratings and assigned an A2 rating to its proposed $400 million of first-mortgage bonds.

PacifiCorp's ratings that were affirmed include its senior secured rating of A2, senior unsecured rating and issuer rating of Baa1, preferred stock rating of Baa3 and short-term commercial rating of Prime-2.

The outlook remains stable.

The proceeds will be used for general corporate purposes, including the refinancing of over $500 million of maturing debt during the second half of this year.

These rating actions reflect PacifiCorp's financial and operational performance and business risk as the company prepares to issue first mortgage bonds under its shelf registration, the agency said.

PacifiCorp's ratings are supported by the stability of the utility's regulated cash flows, the geographically diverse and relatively constructive regulatory environments in which it operates, the diversification of its generation portfolio and solid credit metrics, Moody's said.

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