Fitch affirms MidAmerican

Fitch Ratings said it affirmed MidAmerican Energy Holdings Co.'s issuer default rating at BBB+, senior unsecured debt rating at BBB+, trust preferred stock at BBB- and short-term issuer default rating at F2.

The agency also said it affirmed PacifiCorp's issuer default rating at BBB, senior secured debt rating at A-, senior unsecured debt rating at BBB+, preferred stock rating at BBB-, short-term issuer default rating at F2 and commercial-paper rating at F2.

Fitch also said it affirmed MidAmerican Funding, LLC's issuer default rating at BBB+ and senior secured debt rating at A-.

MidAmerican Energy Co.'s issuer default rating also was affirmed at A-, senior unsecured debt rating at A, preferred stock rating at BBB+, short-term issuer default rating at F1 and commercial-paper rating at F1. Northern Natural Gas Co.'s issuer default rating was affirmed at A and senior unsecured debt rating at A. Kern River Funding Corp.'s issuer default rating was affirmed at A- and senior unsecured debt rating at A-.

The outlook is stable.

The ratings reflect the company's underlying financial strength and relative predictability of its core U.S.-based electric utility and natural gas pipeline companies and United Kingdom electric distribution utilities, Fitch said.

The ratings also consider its diversified cash flows from its six relatively low-risk utilities and natural gas pipelines and an expectation of improving credit metrics through 2015, the agency said.

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