S&P ups Avista to BBB

Standard & Poor's said it raised the corporate credit rating on Avista Corp. to BBB from BBB-.

The outlook is stable.

The action reflects sustained improvement in cash flow coverage metrics and constructive regulatory outcomes in 2010, the relatively low operating risk of Avista's electric and gas utilities, manageable capital expenditures and adequate liquidity, S&P said.

The rating further considers its excellent business risk profile and aggressive financial risk profile, the agency said.

The stable outlook reflects the company's ability to manage regulatory risks, fund capital expenditures in a manner that does not increase leverage and preserve adequate liquidity, S&P added.

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