Moody's: Pinnacle West, units up to stable

Moody's Investors Service said it affirmed the ratings of Pinnacle West Capital Corp. (Baa2 senior unsecured) and its subsidiaries Arizona Public Service Co. (Baa1 senior unsecured) and Pinnacle West Energy Corp. (Baa2, senior unsecured) and changed the outlook to stable from negative.

In addition, Moody's upgraded the secured lease obligation bonds of PVNGS II Funding Corp., Inc. to Baa1 from Baa2. The outlook is stable for PVNGS II.

Moody's said the revision of the rating outlook reflects the projected stabilization of cash flow metrics at both Arizona Public Service and Pinnacle following a recent rate case decision at Arizona Public, the announced equity offering at Pinnacle with expected proceeds of about $250 million and the expected sale of Pinnacle's ownership interest in the Silverhawk generating facility.

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