S&P lowers PNM

Standard & Poor's said it lowered the corporate credit ratings on PNM Resources Inc. and electric utility subsidiaries Public Service Co. of New Mexico and Texas-New Mexico Power Co. to BBB- from BBB.

The outlook is stable.

According to the agency, the downgrade reflects continued weak cash flow coverage and a challenging regulatory environment that has not permitted the company timely recovery of costs sufficient to support credit metrics.

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