fixed-income
Credit Ratings











Moody's
S&P
Pinnacle West Capital Corporation



Corporate Credit Rating

A3
A-
Senior Unsecured Debt      A3    BBB+ 
Commercial Paper


P-2
A-2
Outlook


Negative
Stable
Arizona Public Service Company




Corporate Credit Rating

A2
A-
Senior Unsecured Debt

A2
A-
Commercial Paper


P-1
A-2
Outlook


Negative
Stable

Lines of Credit and Short-Term Borrowings

The table below presents the consolidated credit facilities and the amounts available and outstanding as of December 31, 2020 (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
$1,200 $1,200

Pinnacle West and APS maintain committed revolving credit facilities in order to enhance liquidity and provide credit support for their commercial paper programs.  

On December 31, 2020, APS had no outstanding commercial paper borrowings. PNW had $150M in outstanding commercial paper borrowings and $19M in outstanding short-term loan borrowings.

PNW's commercial paper borrowings increased due to an equity infusion of $150 million to APS which occurred on December 28, 2020. On January 4, 2021, PNW received the proceeds from a $150 million term loan facility and repaid its outstanding commercial paper borrowings.

 

Maturity Profile ($MM)

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