Credit Ratings |
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Moody's |
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S&P |
Pinnacle West Capital Corporation |
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Corporate Credit Rating |
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A3 |
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A- |
Senior Unsecured Debt |
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A3 |
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BBB+ |
Commercial Paper |
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P-2 |
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A-2 |
Outlook |
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Stable |
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Stable |
Arizona Public Service Company |
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Corporate Credit Rating |
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A2 |
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A- |
Senior Unsecured Debt |
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A2 |
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A- |
Commercial Paper |
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P-1 |
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A-2 |
Outlook |
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Stable |
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Stable |
Lines of Credit and Short-Term Borrowings
The table below presents the consolidated credit facilities and the amounts available and outstanding as of September 30, 2019 (dollars in millions):
Credit Facility |
Expiration |
Amount Committed |
Unused Amount |
Commitment Fees |
Pinnacle West Revolving Credit Facility |
July 2023 |
$200 |
$200 |
0.125% |
APS Revolving Credit Facility |
June 2022 |
500 |
500 |
0.100% |
APS Revolving Credit Facility |
July 2023 |
500 |
500 |
0.100% |
Total |
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$1,200 |
$1,200 |
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Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs.
On September 30, 2019, PNW had $13.5 million of outstanding commerical paper, and APS had $2.9 million of outstanding commercial paper. PNW also had $41M in outstanding short-term loan borrowings.
Maturity Profile ($MM)