Summary: IDACORP Inc. May 11

Standard & Poors, May 2011

Abstract
The 'BBB' corporate credit rating on IDACORP Inc. (IDA) and 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 Standard & Poor's Ratings Services corporate risk profile matrix. IPC normally provides more than 90% of IDA's earnings and most of its consolidated cash from operations. IPC serves retail electric customers in Idaho and Oregon, which account for about 95% and 5% of regulated assets, respectively. IDA and IPC's "excellent" business risk profile incorporates both a low-cost hydroelectric generation base and a credit-supportive regulatory environment in Idaho. Hydro generation provides about half of...

Companies mentioned in this report are: 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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

IDACORP Inc.

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