Idaho Power Co. May 11

Standard & Poors, May 2011

Abstract
Strong power cost adjustment mechanism that allows most purchased power costs to be ultimately collected from ratepayers; Low-cost, hydro- and coal-based generating fleet; Generally supportive state regulatory regime; and Absence of material unregulated businesses. High exposure to hydroelectric generation volatility on the Snake River, resulting in unpredictable power supplies and costs; Higher cash flow volatility that periodically reduces credit metrics; and Significant capital expenditures related to generation and transmission needs, coupled with uncertain future growth and recovery. The 'BBB' corporate credit rating on Idaho Power Co. (IPC) is based on the company's consolidated credit profile, which consists primarily of integrated regulated electric utility operations at IPC, and reflects an "excellent" business risk profile and "aggressive" consolidated financial risk profile under...

Companies mentioned in this report are: Idaho Power Co.,NorthWestern Corp.,Portland General Electric Co.,Avista Corp.,Puget Sound Energy Inc.,IDACORP Inc.
Action: Review

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

Idaho Power Co.,NorthWestern Corp.,Portland General Electric Co.,Avista Corp.,Puget Sound Energy Inc.,IDACORP Inc.

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