S&P affirms PNM Resources

Standard & Poor's said it affirmed its ratings and outlook on PNM Resources Inc. after a review of the financing that the company intends to execute to acquire TNP Enterprises Inc. (BB+/Watch Developing/--).

If the acquisition financing occurs as S&P expects, the financial profile of the consolidated company should be appropriate for PNM's current BBB corporate credit rating, the agency said.

S&P said PNM's subsidiary Public Service New Mexico Inc.'s cash and available short-term borrowing capacity is easily sufficient to cover short-term funding requirements.

S&P said its affirmation of PNM's ratings and outlook reflect the expected credit profile of the new consolidated company, as well as the company's global settlement with New Mexico regulators.

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