Fully regulated integrated utility operations; Excellent power and fuel cost pass-through mechanisms, including quarterly base tariff energy rate adjustments; A supportive regulatory environment in the State of Nevada, backed by legislatively created provisions; and A slowdown in growth that has lessened the need for external capital. Cash flows and debt leverage that are weaker than sector averages due to large capital expenditures accompanied by heavy borrowings in recent years; and Concentration in gaming, hospitality and leisure, and construction, all of which are economically and/or tourism sensitive and have weakened significantly in the current recession. The 'BB+' issuer credit rating on regulated electric utility subsidiary Nevada Power Co. (NPC) is based on the consolidated credit profile of utility holding company NV
