NEW YORK()--Fitch Ratings has assigned a 'BBB-' rating to Nevada Power Company d/b/a
NV Energy's (NPC) $125 million 7.375% general and refunding mortgage
notes, series U, due Jan. 15, 2014. The notes were priced on Jan. 7,
2009 and the transaction is expected to close on Jan. 12, 2009. Proceeds
from the issuance will be used to repay amounts outstanding under NPC's
revolving credit facility with Wachovia Bank, N.A. The Rating Outlook is
Positive.
NPC is a vertically integrated, regulated utility that serves 826,000
electric customers in southern Nevada. NV Energy, Inc. (NVE), NPC's
parent company, is also the parent to vertically integrated, regulated
utility Sierra Pacific Power Company d/b/a NV Energy (SPPC).
Collectively, NPC and SPPC serve nearly 1.2 million electric customers
and more than 145,000 natural gas customers throughout Nevada and the
Lake Tahoe region in California.
Fitch's rating definitions and the terms of use of such ratings are
available on the agency's public site, www.fitchratings.com.
Published ratings, criteria and methodologies are available from this
site at all times. Fitch's code of conduct, confidentiality, conflicts
of interest, affiliate firewall, compliance and other relevant policies
are procedures are also available from the 'Code of Conduct' section of
this site.
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