Nevada Power Co.'s Proposed Fixed-To-Fixed Reset Rate Junior Subordinated Notes Rated 'BBB'

NEW YORK (S&P Global Ratings) Jan. 30, 2025--S&P Global Ratings today assigned its 'BBB' issue-level rating to Las Vegas, Nev.-based Nevada Power Co. 's proposed fixed-to-fixed reset rate junior subordinated notes due May 2055. The company intends to use the net proceeds from these notes to fund capital expenditures and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after May 2035 because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our ?A-' long-term issuer credit rating on Nevada

...January 30, 2025 NEW YORK (S&P Global Ratings) Jan. 30, 2025--S&P Global Ratings today assigned its '###' issue-level rating to Las Vegas, Nev.-based Nevada Power Co.'s proposed fixed-to-fixed reset rate junior subordinated notes due May 2055. The company intends to use the net proceeds from these notes to fund capital expenditures and for general corporate purposes. We classify these notes as hybrid securities with intermediate equity content (50%). This reflects the offering's permanence, subordination, and deferability features. In line with our criteria, we will reclassify the notes as having minimal equity content after May 2035 because the remaining period until maturity will be less than 20 years. We rate these securities two notches below our `A-' long-term issuer credit rating on Nevada Power to reflect their subordination and management's ability to defer interest payments on the instrument. All our other ratings on Nevada Power are unchanged. The long-term nature of the junior...

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