S&P upgrades Pinnacle West

Standard & Poor's said it raised the corporate credit rating on Pinnacle West Capital Corp. and its subsidiary, Arizona Public Service Co., to BBB+ from BBB.

The agency also said it affirmed the A-2 short-term rating on each company.

The outlook is stable.

The ratings reflect the company's consolidated credit quality, driven by regulated electric utility operations at its integrated electric utility subsidiary, which provides essentially all income and cash flow, S&P said.

The stable outlook reflects a view that PWCC will continue to maintain stronger regulatory dealings and that the company will continue to manage the balance sheet with equity issuances that offset expected high capital spending, the agency said.

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