On March 29, 2006, Standard&Poor's Ratings Services assigned its 'BB' rating to the proposed $250 million general and refunding mortgage bond issue at Nevada Power Co. (NPC). The outlook is positive. The proceeds will be used to refinance existing higher-cost debt. The 'B+' corporate credit rating on NPC reflects the consolidated business and financial risk profiles of parent Sierra Pacific Resources (SRP) and its utility subsidiaries, NPC and Sierra Pacific Co. (SPP). The business risk profile score on all three companies is '6' (satisfactory). (Utility business risk profiles are categorized from '1' (excellent) to '10' (vulnerable).) NPC provides electricity to approximately 738,000 customers in Las Vegas and adjoining areas in southern Nevada, and has historically represented about 75%
