Fitch ups Pinnacle West

Fitch Ratings said it has taken the following rating actions on Pinnacle West Capital Corp.: long-term issuer default rating upgraded to BBB+ from BBB; short-term issuer default rating upgraded to F2 from F3; and commercial paper upgraded to F2 from F3.

The agency said it also took the following actions on Arizona Public Service Co.: long-term issuer default rating upgraded to BBB+ from BBB; short-term issuer default rating upgraded to F2 from F3; senior unsecured upgraded to A- from BBB+; and commercial paper upgraded to F2 from F3.

Fitch noted that the secured lease obligation bonds of PVNGS II Funding Corp. have been upgraded to A- from BBB+.

The outlook is stable.

According to the agency, the upgrade reflects strong operating performance in 2012 and the constructive outcome of Arizona Public's settled 2010 general rate case, which will provide a tailwind for improved earnings and credit ratios this year.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.