Moody's affirms Pinnacle West

Moody's affirmed the ratings of Pinnacle West Capital Corp. (Baa3 senior unsecured) and its subsidiary, Arizona Public Service Co. (Baa2 senior unsecured).

The outlooks remain stable.

Moody's said it also assigned a Baa2 rating to about $500 million of unsecured debt to be issued by APS.

The affirmation reflects both companies' continued financial and operating performance as well as recent decisions and recommendations of the Arizona Corp. Commission and the ACC staff, respectively, which in Moody's opinion appear to be somewhat more supportive than had historically been the case.

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