Fitch cuts PNM

Fitch Ratings said it downgraded PNM Resources and subsidiaries Public Service Co. of New Mexico and Texas New Mexico Power Co. as follows: PNM's issuer default rating downgraded to BB+ from BBB- and short-term issuer default rating to B from F3; Public Service's issuer default rating downgraded to BB+ from BBB-, short-term issuer default rating to B from F2, senior unsecured to BBB- from BBB, preferred rating to BB+ from BBB- and short-term debt rating to B from F2; and Texas New Mexico Power's issuer default rating downgraded to BB+ from BBB- and senior unsecured to BBB- from BBB.

The outlook is stable.

The agency said that the ratings take into consideration the significant operating challenges to PNM's regulated and unregulated operations and better reflect the company's relatively weak credit metrics and business risk profile.

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