The 'B+' corporate credit rating on Nevada Power Co. (NPC) reflects the consolidated business and financial profiles of Sierra Pacific Resources (SRP) and its utility subsidiaries NPC and Sierra Pacific Co. (SPP). The business profile score on all three companies is 'satisfactory' ('6' on a 10-point scale, where '1' represents the least risk). NPC provides electricity to approximately 738,000 customers in Las Vegas and adjoining areas in southern Nevada and has historically represented about 75% of consolidated cash flows. The 'B+' rating primarily reflects the weak consolidated financial profile, continued exposure to the wholesale gas and power markets, and a $3.6 billion multiyear capital expenditure program driven by the dynamic sustained growth in Las Vegas that limits deleveraging potential to
