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Arizona Public Service Co.
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Abstract
State-regulated electric utility operations; A favorable power cost adjustment mechanism, which reduces fuel and purchased power deferral balances; An attractive service territory that, though weakened by a real estate downturn that is depressing new customer connections, may experience above-average growth in the long run; A balanced power supply portfolio that includes a mixture of owned coal, nuclear, gas generation, and purchases; Capital structure support through equity issuances and reduced debt balances; Adequate liquidity with high revolving credit facility availability; and Proactive refinancing of maturities and credit facilities for both the parent and the utility. Heavy capital investment requirements at Arizona Public Service Co. (APS), coupled with a lagged regulatory process in Arizona, that restricts the consolidated financial profile of the...
Companies mentioned in this report are: Arizona Public Service Co.,El Paso Electric Co.,Tucson Electric Power Co.,Pinnacle West Capital Corp.,PVNGS II Funding Corp. Inc.,PNM Resources Inc.
Action: Review
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