Pinnacle West Capital Corporation http://www.alacrastore.com/company-snapshot/Pinnacle_West_Capital_Corporation-1013286 Wednesday, October 08, 2008 1:09:43 AM 1013286 Pinnacle West Capital Corporation en AlacraStore RSS Builder 1.0 30 http://www.alacrastore.com/storecontent/cs/73562cs/73562norm Pinnacle West #Q## Tearsheet Pinnacle West is a large regulated utility, located in Arizona.Its subsidiary APS owns the largest stake, almost ##%, of Palo Verde, the largest nuclear plant in the Southwest.Like many other utilities,...73562563YesC21Tearsheet720tearsheets/premium228/26/2008 1:06:19 PM15073562Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1905347ccbn/B1905347norm...PNW reported #Q## consolidated ongoing earnings of $###m or $#.## per share. www.streetevents.comContact Us ... 7/30/2008 6:06:00 PMPinnacle West Capital Corporation54.0000EditedPinnacle West Capital Corporation Q2 2008 Earnings Conference Call SummaryPNW1:00pm ETBriefB1905347Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1905347ccbn/T1905347norm...Good afternoon. My name is Jennifer, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pinnacle West earnings conference call. (OPERATOR INSTRUCTIONS). Thank you. Ms. Hickman, you may begin your conference.... 7/30/2008 3:06:00 PMPinnacle West Capital Corporation54.0000FinalPinnacle West Capital Corporation Q2 2008 Earnings Conference Call TranscriptPNW1:00pm ETTranscriptT1905347Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/moodys/PR_159887_62000moodys/PR_159887_62000htmlGlobal Credit Research Rating Action ## JUL #### Rating Action: Arizona Public Service Company Moody's revises outlook of Pinnacle West and Arizona Public Service to stable Approximately $# billion of debt securities affected New York,...7/26/2008 12:35:34 AMhtmlArizona Public Service CompanyPinnacle West Capital CorporationPVNGS II Funding Corp., Inc.Arizona Public Service Company; Pinnacle West Capital Corporation; ...62000609400600010352150.0000NewsRating ActionPR_159887_62000Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656089spcred/656089normThe latest Full Report from S&Pglobal6/25/2008 3:31:46 PM400Full Report656089United StatesElectric UtilitiesUnited StatesGlobal IssuersFinancial InstitutionsUtilitiesElectricFull ReportA favorable power supply adjuster (PSA) that while capped at 4 mils per kilowatt-hour (kWh) is benched to projected power prices, which should minimize fuel and purchased power deferral balances going forward; Declining legacy deferral balances, reflecting the recovery through surcharges of past fuel and purchased power costs from retail ratepayers; An attractive service territory, which while currently weakened by a real estate cycle that is depressing new customer connections, nevertheless is expected to experience above-average growth over the long run; A balance power supply portfolio that is a mixture of coal, nuclear, and gas generation and purchases; due to a self-build moratorium in place until 2015, Arizona Public Service (APS) is expected to increasingly rely on gas-fired purchases, whichUSA72348K72348J72348455101010 551010 5510 55Pinnacle West Capital Corp.109991USAPNWFULLUSA04055P04056B04056E04055569365904056A55101010 551010 5510 55PVNGS II Funding Corp. Inc.Arizona Public Service Co.100157121467EMERGINGUSALATAMERICAEUROMIDAFRPNW116449ZGLOBISSFIUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/656090spcred/656090normThe latest Summary from S&Pglobal6/25/2008 3:31:46 PM175Summary656090United StatesElectric UtilitiesUnited StatesGlobal IssuersFinancial InstitutionsUtilitiesElectricSummaryStandard&Poor's Ratings Services today affirmed the 'BBB-' corporate credit rating assigned to Pinnacle West Capital Corporation (PWCC) and its utility, Arizona Public Service. The outlook is stable. The consolidated credit ratings of PWCC primarily reflect the operations of its largest subsidiary, APS, a regulated, electric utility serving about 1.1 million customers within its service territory, which spans roughly two-thirds of Arizona and includes about half of the Phoenix MSA. We view the business profile of PWCC and APS to be 'strong'. While the company continues to benefit from a number of favorable attributes including a good service territory, a reasonably balanced power supply portfolio and a good PSA. However, APS' continues to face significant regulatory challenges. APS providedUSA72348K72348J72348455101010 551010 5510 55Pinnacle West Capital Corp.109991USAPNWSUMMARYUSA04056A04055504056B04055P04056E55101010 551010 5510 55Arizona Public Service Co.100157LATAMERICAEMERGINGUSAEUROMIDAFRPNW1GLOBISSFIUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/cs/69788cs/69788norm Utilities: EEI Spring Break Part # We continue our look at utilities that were available at the EEI spring meeting We remain overweight the sector No changes were made to company-specific ratings We continue our look at utilities...697882125YesD0Article95111112734372151635720275corphy2242High Yield5/28/2008 2:06:40 AM150We continue our look at utilities that were available at the EEI spring meeting.69788Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/cs/69497cs/69497norm Pinnacle West #Q## Tearsheet Pinnacle West is a large regulated utility, located in Arizona.Its subsidiary APS owns the largest stake, almost ##%, of Palo Verde, the largest nuclear plant in the Southwest.Like many other utilities,...69497523YesC21Tearsheet720tearsheets/premium225/20/2008 2:14:42 PM15069497Credit & Investment ResearchCreditSightshttp://www.alacrastore.com/storecontent/ccbn/B1832916ccbn/B1832916norm...PNW reported #Q## consolidated net loss of $#m or $#.## per share. Co. reaffirmed consolidated EPS guidance of around $#.## per share for ####. ... 4/29/2008 5:06:00 PMPinnacle West Capital Corporation54.0000EditedQ1 2008 Pinnacle West Capital Corporation Earnings Conference Call SummaryPNW1:30pm ETBriefB1832916Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1832916ccbn/T1832916norm...Good afternoon. My name is Kanisha and I will be your conference operator today. At this time, I would like to welcome everyone to the Pinnacle West first quarter conference call. All lines have been placed on mute to prevent on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (OPERATOR INSTRUCTIONS) Thank you.Ms. Hickman, you may begin your conference. ... 4/29/2008 5:06:00 PMPinnacle West Capital Corporation54.0000FinalQ1 2008 Pinnacle West Capital Corporation Earnings Conference Call TranscriptPNW1:30pm ETTranscriptT1832916Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/spcred/628694spcred/628694normThe latest Summary from S&P1/31/2008 9:01:31 PMSummary175global628694United StatesElectric UtilitiesUnited StatesGlobal IssuersFinancial InstitutionsUtilitiesElectricSummaryThe consolidated credit ratings of Pinnacle West Capital Corp. (PWCC) reflect a 'strong' business profile and an 'aggressive' financial profile. PWCC's primary subsidiary is electric utility Arizona Public Service Co. (APS), but operations also include SunCor, a real estate development company that is active in the southwestern U.S. The consolidated business profile is supported by APS' diversified, growing market, which serves around 1.1 million customers within a service territory that spans roughly two-thirds of Arizona and includes about half of Phoenix. We expect both SunCor and APS to face challenges in 2008 and 2009. In 2007 SunCor, earnings (including discontinued operations) were $23 million (or about 7.5% of net income), as compared to $60 million in 2006 (18% of netUSA72348K72348J72348455101010 551010 5510 55Pinnacle West Capital Corp.109991USAPNWSUMMARYGLOBISSFIUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/spcred/628669spcred/628669normThe latest Summary from S&P1/31/2008 6:43:32 PMSummary175global628669United StatesElectric UtilitiesUnited StatesGlobal IssuersFinancial InstitutionsUtilitiesElectricSummaryThe consolidated credit ratings of Pinnacle West Capital Corp. (PWCC) reflect a 'strong' business profile and an 'aggressive' financial profile. PWCC's primary subsidiary is electric utility Arizona Public Service Co. (APS), but operations also include SunCor, a real estate development company that is active in the southwestern U.S. The consolidated business profile is supported by APS' diversified, growing market, which serves around 1.1 million customers within a service territory that spans roughly two-thirds of Arizona and includes about half of Phoenix. We expect both SunCor and APS to face challenges in 2008 and 2009. In 2007 SunCor, earnings (including discontinued operations) were $23 million (or about 7.5% of net income), as compared to $60 million in 2006 (18% of netUSA72348K72348J72348455101010 551010 5510 55Pinnacle West Capital Corp.109991USAPNWSUMMARYGLOBISSFIUTILElectricCredit & Investment ResearchS&P Credit Researchhttp://www.alacrastore.com/storecontent/ccbn/B1743124ccbn/B1743124norm1/30/2008 6:05:00 PMPinnacle West Capital Corporation54.0000Edited2007 Fourth Quarter and Year-End Earnings Conference Call SummaryPNW11:00am ET...PNW reported #Q## consolidated net income of $#m or $#.## per share. Expects #### consolidated earnings of around $#.## per share. ... BriefB1743124Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/ccbn/T1743124ccbn/T1743124norm1/30/2008 1:07:00 PMPinnacle West Capital Corporation106.0000Final2007 Fourth Quarter and Year-End Earnings Conference Call TranscriptPNW11:00am ET...Good morning. My name is Sylvia and I will be your conference operator today. At this time, I would like to welcome everyone to the #### earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (OPERATOR INSTRUCTIONS) Thank you. I would now turn the conference over to Ms. Becky Hickman, Director of Investor Relations. Ms. Hickman, you may begin your conference.... TranscriptT1743124Credit & Investment ResearchThomson StreetEventshttp://www.alacrastore.com/storecontent/fitch/369164_report_framefitch/369164_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Arizona Public Service CompanyPinnacle West Capital Corporation80463991804641271/23/2008 2:16:00 PM0102000001020100385Full Rating ReportPNW369164_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/369166_report_framefitch/369166_report_framepdfFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.Pinnacle West Capital Corporation804641271/23/2008 2:16:00 PM01020100150Credit UpdatePNW369166_report_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/moodys/COP_609400moodys/COP_609400htmlGlobal Credit Research Credit Opinion ## JUL #### Credit Opinion: Pinnacle West Capital Corporation Pinnacle West Capital Corporation United States Ratings Category Moody's Rating Outlook Stable Issuer Rating Baa# Sr Unsec Bank Credit...1/2/2008 7:28:00 PMhtmlPinnacle West Capital CorporationPinnacle West Capital Corporation609400150.0000NewsCredit OpinionCOP_609400Credit & Investment ResearchMoody's Global Credit Researchhttp://www.alacrastore.com/storecontent/fitch/398095_pr_framefitch/398095_pr_framehtmlArizona Public Service CompanyPinnacle West Capital CorporationPVNGS Funding Corp., Inc.80463991804641278046433812/21/2007 2:12:00 PM010200000102010075Press ReleasePNWFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.398095_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/383393_pr_framefitch/383393_pr_framehtmlAGL Resources Inc.Allegheny Energy, Inc.Ameren CorporationAmerican Electric Power Co., Inc.Atmos Energy CorporationAvista CorporationCenterPoint EnergyCMS Energy CorporationConsolidated Edison, Inc.Dominion Resources, Inc.DPL Inc.DTE Energy CompanyDuquesne Light CompanyDuquesne Light Holdings, Inc.Dynegy, Inc.Energy Future Holdings CorpEntergy CorporationExelon CorporationFirstEnergy CorporationFPL Group, Inc.Hydro-QuebecIdacorp, Inc.IPALCO Enterprises, Inc.Kaneb Pipe Line Partners, L.P.KeySpan CorporationKinder Morgan Energy Partners LPNational Fuel Gas CompanyNicor, Inc.NiSource, Inc.Northeast Utilities, Inc.Peoples Energy CorporationPepco Holdings, Inc.Pinnacle West Capital CorporationPPL CorporationProgress Energy, Inc.Reliant Energy, Inc.Sempra Energy CorporationSouthern Union CompanySpectra Energy Capital, LLCTECO Energy, Inc.The AES CorporationThe Detroit Edison CompanyThe Southern CompanyThe Williams Companies, Inc.Xcel Energy, Inc.800890058008901980089039800890448008905480089138800891698008943480089435800894568008948380089505800895628008967080089822800898898033079980417179804639858046399380463998804640648046409580464096804641028046410580464107804641188046412680464127804641288046414180464148804641508046416680464179804642148046422880464266804642728046427480464289804643188046436780464373804643798065243581374129825712078302892511/14/2007 2:11:00 PM010200000102010001020200010203000102080001030000010322000104000075Press ReleaseAEEAEPAESATGATOAVAAYECMSCNPDDPLDTEDYNEDETREXCFEFPLGASIDAKMPNFGNINUPGNPNWPOMPPLRRISOSRESUGTEWMBXELFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.383393_pr_frameCredit & Investment ResearchFitch Researchhttp://www.alacrastore.com/storecontent/fitch/380172_pr_framefitch/380172_pr_framehtmlAGL Resources Inc.Allegheny Energy, Inc.Ameren CorporationAmerican Electric Power Co., Inc.Atmos Energy CorporationAvista CorporationCenterPoint EnergyCMS Energy CorporationConsolidated Edison, Inc.DPL Inc.DTE Energy CompanyDuquesne Light CompanyDynegy, Inc.Edison InternationalEnergy Future Holdings CorpEntergy CorporationExelon CorporationFirstEnergy CorporationFPL Group, Inc.Hydro-QuebecIdacorp, Inc.IPALCO Enterprises, Inc.Kaneb Pipe Line Partners, L.P.KeySpan CorporationKnight Inc.National Fuel Gas CompanyNicor, Inc.NiSource, Inc.Northeast Utilities, Inc.NSTARPeoples Energy CorporationPepco Holdings, Inc.Pinnacle West Capital CorporationPPL CorporationProgress Energy, Inc.Reliant Energy, Inc.Sempra Energy CorporationSouthern Union CompanyTECO Energy, Inc.The AES CorporationThe Southern CompanyThe Williams Companies, Inc.Xcel Energy, Inc.8008899180089005800890398008905480089138800891698008943480089456800894838008950580089562800896708008988980330799804171798046398580463993804640648046409580464096804641028046410580464107804641188046412680464127804641288046414180464148804641668046417980464214804642288046426380464266804642728046427480464289804643188046432880464367804643738046437980652435825712078302892511/5/2007 2:12:00 PM01020000010201000102020001020300010208000103000001031000010322000104000075Press ReleaseAEEAEPAESATGATOAVAAYECMSCNPDPLDTEDYNEDEIXETREXCFEFPLGASIDANFGNINSTNUPGNPNWPOMPPLRRISOSRESUGTEWMBXELFitch Ratings is a leading global rating agency committed to providing the world's credit markets with independent, timely and prospective credit opinions. Built on a foundation of organic growth and strategic acquisitions, Fitch Ratings has grown rapidly during the past decade gaining market presence throughout the world and across all fixed income markets.380172_pr_frameCredit & Investment ResearchFitch Research