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S&P pares PNM Resources
S&P said it lowered its issuer ratings on PNM Resources Inc. and its subsidiary, Public Service Co. of New Mexico to BBB from BBB+. S&P also lowered subsidiary Texas-New Mexico Power Co. to BBB+ from A-.
The agency also downgraded PNM’s senior unsecured rating to BBB- from BBB, Public Service Co. of New Mexico's senior unsecured rating to BBB from BBB+ and its preferred stock rating to BB+ from BBB-. S&P affirmed Texas-New Mexico Power Co.’s first-mortgage bond at A.
“The downgrades reflects our expectations that the company's weak historical financial measures will continue to remain below our downside threshold over the next two years,” S&P said in a press release.
The outlook is stable.
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