Moody’s changes PNM Resources to positive

Moody's Investors Service said it changed the outlook for PNM Resources, Inc. and its principal utility operating subsidiary, Public Service Co. of New Mexico (Baa2), to positive from stable, and affirmed both long-term ratings.

There is no change to Texas-New Mexico Power Co.’s (A3 stable) ratings or outlook.

"The positive outlooks are driven by PNM's steady financial performance that offsets a more challenging New Mexico regulatory environment," Moody's vice president, senior analyst Jeff Cassella said in a news release.

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