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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.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/434510_report_frame</link><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">434510_report_frame</fitch:docid><guid isPermaLink="false">fitch/434510_report_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">pdf</fitch:index_mode><fitch:company xmlns:fitch="http://www.alacra.com/fitch">NV Energy Inc</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Nevada Power Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Sierra Pacific Power Company</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464269</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82339723</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088959</fitch:companyid><pubDate>27 Apr 2009 02:14:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020000</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">425</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Full Rating Report</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">NVE</fitch:ticker><title>Credit Analysis: NV Energy, Inc.</title><description>Fitch 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.</description><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/fitch/454425_pr_frame</link><guid isPermaLink="false">fitch/454425_pr_frame</guid><fitch:index_mode xmlns:fitch="http://www.alacra.com/fitch">html</fitch:index_mode><description>Fitch 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.</description><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Nevada Power Company</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">NV Energy Inc</fitch:company><fitch:company xmlns:fitch="http://www.alacra.com/fitch">Sierra Pacific Power Company</fitch:company><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80088959</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">80464269</fitch:companyid><fitch:companyid xmlns:fitch="http://www.alacra.com/fitch">82339723</fitch:companyid><pubDate>24 Dec 2008 02:16:00 EST</pubDate><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020000</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020100</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01020800</fitch:industry><fitch:industry xmlns:fitch="http://www.alacra.com/fitch">01030000</fitch:industry><fitch:price xmlns:fitch="http://www.alacra.com/fitch">85</fitch:price><fitch:report xmlns:fitch="http://www.alacra.com/fitch">Press Release</fitch:report><fitch:ticker xmlns:fitch="http://www.alacra.com/fitch">NVE</fitch:ticker><title>Fitch Affirms NV Energy, Inc. &amp; Subs' Ratings; Outlook Remains Positive</title><fitch:docid xmlns:fitch="http://www.alacra.com/fitch">454425_pr_frame</fitch:docid><category>Credit &amp; Investment Research</category><alacra:ip>Fitch Research</alacra:ip></item><item><link>http://www.alacrastore.com/storecontent/spcred/684515</link><guid isPermaLink="false">spcred/684515</guid><spcred:index_mode xmlns:spcred="http://www.alacra.com/spcred">norm</spcred:index_mode><description>The latest Summary from S&amp;P</description><spcred:dataset xmlns:spcred="http://www.alacra.com/spcred">global</spcred:dataset><pubDate>19 Nov 2008 08:56:29 EST</pubDate><spcred:price xmlns:spcred="http://www.alacra.com/spcred">175</spcred:price><title>Summary: Sierra Pacific Resources</title><spcred:type xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:type><spcred:docid xmlns:spcred="http://www.alacra.com/spcred">684515</spcred:docid><spcred:index_entry_dispcountry xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispcountry><spcred:index_entry_dispgics xmlns:spcred="http://www.alacra.com/spcred">Electric Utilities</spcred:index_entry_dispgics><spcred:index_entry_dispregion xmlns:spcred="http://www.alacra.com/spcred">United States</spcred:index_entry_dispregion><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Global Issuers</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Corporations</spcred:index_entry_dispsector><spcred:index_entry_dispsector xmlns:spcred="http://www.alacra.com/spcred">Utilities</spcred:index_entry_dispsector><spcred:index_entry_disptype xmlns:spcred="http://www.alacra.com/spcred">Summary</spcred:index_entry_disptype><spcred:index_entry_excerpt xmlns:spcred="http://www.alacra.com/spcred">The ratings on Sierra Pacific Resources (SPR) are based on its consolidated credit profile with subsidiaries Nevada Power Co. (NPC) and Sierra Pacific Power Co. (SPPC). The credit profile reflects a stable regulatory relationship with the Public Utilities Commission of Nevada (PUCN); adequate hedging of market exposures, offset by higher debt levels; lower cash flows; a very high exposure to natural gas prices; and service area volatility. NPC and SPPC provide electricity in southern Nevada and northern and western, central, and northeastern Nevada, respectively, including the cities of Reno and Carson City and the Lake Tahoe area in California. SPPC also provides natural gas service around Reno. 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Cash flows and debt leverage that are appropriate for the rating but weaker than sector averages; Large capital expenditure requirements that limit the company's financial flexibility; Exposure to wholesale power in the supply mix and high dependence on natural gas resources; and Concentration in gaming, hospitality and leisure, and construction, all of which are either economically and/or tourism sensitive. The ratings on Sierra Pacific Resources (SPR) are based on its consolidated credit profile with subsidiaries Nevada Power Co. 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They can also consider the economy of the state and the nation; the interests of the community and of society and the long and short-term interests of the corporation and its stockholders, including the possibility that these interests may be best served by the continued independence of the corporation. ("Expanded constituency")...

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