Fitch Rates Nevada Power's $125MM General & Refunding Mortgage Notes 'BBB-'

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has assigned a 'BBB-' rating to Nevada Power Company d/b/a NV Energy's (NPC) $125 million 7.375% general and refunding mortgage notes, series U, due Jan. 15, 2014. The notes were priced on Jan. 7, 2009 and the transaction is expected to close on Jan. 12, 2009. Proceeds from the issuance will be used to repay amounts outstanding under NPC's revolving credit facility with Wachovia Bank, N.A. The Rating Outlook is Positive.

NPC is a vertically integrated, regulated utility that serves 826,000 electric customers in southern Nevada. NV Energy, Inc. (NVE), NPC's parent company, is also the parent to vertically integrated, regulated utility Sierra Pacific Power Company d/b/a NV Energy (SPPC). Collectively, NPC and SPPC serve nearly 1.2 million electric customers and more than 145,000 natural gas customers throughout Nevada and the Lake Tahoe region in California.

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