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S&P: PNM Resources unchanged
Standard & Poor's said that the announcement that EnergyCo., a joint venture between PNM Resources Inc. (BBB/negative/A-3) and Cascade Investment LLC (not rated), has entered into an agreement to acquire a 614 MW cogeneration plant from Dynegy Inc. (B/stable/B-2) for about $470 million, will not immediately affect the rating or outlook on PNM Resources.
The transaction, which still requires regulatory approval, is expected to close in third-quarter 2007 and will be funded with a combination of debt raised at EnergyCo. and equity contributions from the joint venture partners, the agency said.
According to S&P, PNM Resources had previously announced that it will transfer its Twin Oaks plant, valued at about $554 million, to EnergyCo.
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