20090817Compliance Filing.pdf

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Idaho Public Utilities Commssion
4 72 West Washigton
Boise,ID 83702-5983
PaIC Po I
Rocky Mountn Po IPaCo Energ
825 NE Multnah, Suite 1900 LeT
Portland. Oregon 97232
Attention:Ms. Jean D. Jewell
Commission Secreta
Re: Idaho Docket No. PAC-E-05-08 Compliance Filng
To the Idao Public Utilities Commssion:
PacifiCorp submits the attchments in compliance with the Commssion's Order in ths case
issued on Febru 13,2006 and amended on March 14,2006. The Order approved the
Stipulation supporting the acquisition ofPacifiCorp by MidAerican Energy Holdings
Compay.
Commtment 120 of the Stipulation provides that PacifiCorp will provide to the Commssion, on
an informational basis, credit rating agency news releases and fial reports regarding PacifiCorp
when such reports are known to PacifiCorp and are available to the public.
Therefore, in compliance with Commtment 120 of the Stipulation, please find the atthed
reports related to PacifiCorp.
Very trly yours,
'~LJ.~
Bruce Willams
Vice President and Treasurer
Enclosure
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Global Credit Research
Rating Action
3AUG 2009
Rating Action:
Moody's upgrades most senior secured ratings of investment-grade regulate utlities by one notch
Approximately $91 billon of debt securities upgraded
New York, August 03,2009 - Moody's Investors Service has upgraded the majori of senior secured debt
ratings of investment-grade regulated utilities by one notch. The senior secured debt upgraded includes first
mortgage bonds, other first lien mortgage bonds, and securities backed by first lien mortgage bonds.
"This rating'action widens the notching between most senior secured debt ratings and senior unsecured debt
ratings of investment-grade regulated utilities to two notches from one previously," said Moody's Vice
President-Senior Credit Ofcer Michael Haggart. "The wider notching is based on our analysis of the history
of regulated utilty defaults, which indicates that regulated utilites have defaulted at a lower rate and
experience lower loss given default rates than non-financial, non-utilty corporate issuers."
This histoncal analysis was outlined in "Default, Recovery, and Credit Loss Rates for Regulated Utilties,
1983-2008," a report published by Moody's in Apnl along with a request for comment to market particpants
on the possible implementation of wider notching of ratings in the utilty sector.
"The study of defaults and the significant disparity in the magnitude of loss given defaults provides a
compellng rationale for placing an additional notch between the senior secured and senior unsecured
ratings," said Haggart. There are certin limited exceptions to the wider notching, including senior secured
ratings currently under review for possible downgrade or issuers with negative rating outlooks.
For more information, please see "Proposed Wider Notching Between Certain Senior Secured Debt Ratings
and Senior Unsecured Debt Ratings for Investment Grade Regulated Utilties," Moody's Special Comment,
May 2009.
Senior secured debt ratings upgraded include:
ALLETE, Inc. upgraded to A2 from A3
Avista Corp., upgraded to Baa1 from Baa2
Black Hils Power, Inc., upgraded to A3 from Baa1
CenterPoint Energy Houston Electric LLC, upgraded to Baa1 from Baa2
Central Ilinois Public Service Company, upgraded to Baa2 from Baa3
Central Maine Power Company, upgraded to A2 from A3
Cleveland Electric Iluminating Company (The), upgraded to Baa1 from Baa2
Colonial Gas Company, upgraded to A 1 from A2
Commonwealth Edison Company, upgraded to Baa1 from Baa2
Connecticut Light & Power, upgraded to A2 from A3
8110/2009
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Moody's upgrades most senior secured ratings of investment-grade regulated utilities by one notch
Consumers Energy Company, upgraded to A3 from Baa1
Dayton Power & Light Company, upgraded to Aa3 from A1
Delmarva Power & Light Company, upgraded to A3 from Baa 1
Detroit Edison Company (The), upgraded to A2 from A3
Duke Energy Carolinas, LLC, upgraded to A1 from A2
Duke Energy Indiana, Inc., upgraded to A2 from A3
Duke Energy Ohio, Inc., upgraded to A2 from A3
Duquesne Light Company, upgraded to A3 from Baa1
Entergy Arkansas, Inc., upgraded to A3 from Baa1
Entergy Gulf States Louisiana, LLC, upgraded to Baa1 from Baa2
Entergy Louisiana, LLC, upgraded to A3 from Baa1
Entergy Mississippi, Inc., upgraded to Baa1 from Baa2
Entergy Texas, Inc., upgraded to Baa2 from Baa3
Florida Power & Light Company, upgraded to Aa2 from Aa3
Green Mountain Power Corporation, upgraded to A2 from A3
Ilinois Power Company, upgraded to Baa2 from Baa3
Indianapolis Power & Light Company, upgraded to A3 from Baa1
International Transmission Company, upgraded to A2 from A3
ITC Midwest LLC, upgraded to A2 from A3
Jersey Central Power & Light Company, upgraded to A3 from Baa1
Kansas Gas and Electric Company, upgraded to Baa1 from Baa2
Laclede Gas Company, upgraded to A2 from A3
Massachusetts Electric Company, upgraded to A1 from A2
Metropolitan Edison Company, upgraded to A3 from Baa1
Michigan Consolidated Gas Company, upgraded to A2 from A3
Michigan Electric Transmission Company, LLC, upgraded to A2 from A3
Monongahela Power Company, upgraded to Baa1 from Baa2
Narragansett Electric Company, upgraded to A 1 from A2
New Jersey-American Water Company, Inc., upgraded to A2 from A3
Niagara Mohawk Power Corporation, upgraded to A 1 from A2
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8/10/2009
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8/10/2009
Moody's upgrades most senior secured ratings of investment-grade regulated utilities by one notch
Tucson Electric Power Company, upgraded to Baa1 from Baa2
Union Electric Company, upgraded to A3 from Baa1
West Penn Power Company, upgraded to Baa1 from Baa2
Westar Energy, Inc., upgraded to Baa1 from Baa2
Senior secured shelf ratings upgraded include:
EI Paso Electric Company, upgraded to (P)A3 from (P)Baa1
Virginia Electric and Power Company, upgraded to (P)A2 from (P)A3
* * * * *
NOTE TO JOURNALISTS ONLY: For more information please contact New York Press Information +1-212-
553-0376; EMEA Press Information in London [phone]; Juan Pablo Soriano in Madrid +34-91-
310-1454; Alex Cataldo in Milan [phone]; Eric de Bodard in Pans [phone]; Detlef Scholz
in Frankfurt [phone]; Mardig Haladjian in Limassol [phone]; Alex Sazhin in Moscow +7-
495-228-60-60; Petr Vins in Prague [phone]; Tokyo Press Information [phone]; Hilary
Parkes in Toronto [phone]; Hong Kong Press Information [phone]; Hector Lim in Sydney
[phone]; Luiz Tess in São Paulo [phone]; Alberto Jones Tamayo in Mexico City +5255-
1253-5700; Daniel Rúas in Buenos Aires [phone] ext. 105; Leon Claassen in Johannesburg +27-
11-217-5470; Jehad el-Nakla in Dubai [phone]; or visit our web site at ww.moodys.com
New York
Michael G. Haggart
VP - Senior Credit Offcer
Global Infrastructure Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Willam L. Hess
Managing Director
Global Infrastructure Finance
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
CREDIT RATINGS ARE MOODY'S INVESTORS SERVICE, INC.'S (MIS) CURRENT OPINIONS OF THE
RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE
SECURITIES. MIS DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS
CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS
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AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING,
OR SALE.
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8/1012009
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Moody's upgrades most senior secured ratings of investment-grade regulated utilities by one notch Page 5 ofS
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8/10/2009