20170728Compliance Filing.pdf

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iu;i .;t-i'- 23 F,li I' l0
Pecific Powr:r I
Rocky l.lountrin Powcr
825 NE Mulmomah, Suitc 2000
Pordand, Orcgon 97232
July 28,2017
VA OVERNIGHT DELIVERY
Idaho Public Utilities Commission
472West Washington
Boise, ID 83702-5983
Attention: Ms. Diane Hanian
Commission Secretary
Re: Idaho Docket No. PAC-E-05-08 Compliance Filing
To the Idaho Public Utilities Commission:
PacifiCorp submits the attachment in compliance with the Commission's Order in this case
issued on February 13,2006, and amended on March 14,2006. The Order approved the
Stipulation supporting the acquisition of PacifiCorp by MidAmerican Energy Holdings
Company.l
CommitmentI20 of the Stipulation provides that PacifiCorp willprovide to the Commission, on
an informational basis, credit rating agency news releases and final reports regarding PacifiCorp
when such reports are known to PacifiCorp and are available to the public.
Therefore, in compliance with CommitmentI20 of the Stipulation, please find the attached credit
rating agency report related to PacifiCorp.
Very truly yours,
Weems
Treasurer
Enclosure
1 On April 30,2014, MidAmerican Energy Holdings Company changed its name to Berkshire Hathaway Energy
Company.
PacifiCorp
Subsidiary of Berkshire Hathaway Energy Company
Full Rating Report
Ratings
Foreign Currency
Long-Term IDR
Short-Term IOR
Prefened Stock
Senior Secured
Senior Unsecured
IDR - lssuer Default Rating.
Rating Outlook
Stable
Financial Summary
PacifiCorp
($ Mil.)
BBB+
A-
F2
A+
A
Key Rating Drivers
Strong Credit Metrics: PacifiCorp's (PPW)'A-' lssuer Default Rating (lDR) reflects the utility's
strong credit metrics and generally supportive regulation across its six-state service territory.
FFO fixed-charge coverage and FFO-adjusted leverage was 5.8x and 3.1x for LTM
March 31, 2017, respectively. Fitch Ratings estimates 2017 and 2018 FFO coverage and
leverage ratios will be better than 5.0x and 4.0x, respectively. The ratings and outlook also
consider PPW's relatively low business risk, a competitive resource base and
below-industry-average retail rates.
Rising Capex Expectations: Fitch expects PPW's 2017-2019 capex to meaningfully exceed
the $3.5 billion estimate disclosed by Berkshire Hathaway Energy (BHE; BBB+/Stable) earlier
this year at its March 31,2017 fixed-income investors conference. This view reflects the utility's
integrated resource plan, subsequently filed with state regulators, which included significant,
new wind generating capacity. Notwithstanding significantly higher capex, Fitch believes PPW
will not file its next base rate case until late this decade and that future rate increases will be
modest.
Constructive Regulation: Regulation across PPW's six-state service territory is generally
balanced, in Fitch's view, supporting the utility's 'A-' IDR and Stable Outlook. PPW benefits
from regulatory mechanisms and riders designed to recover large costs that are beyond its
control, including fuel and purchase power. An unexpected, meaningful and sustained
deterioration in regulatory oversight would likely trigger adverse rating actions.
Rating Outlook: The Stable Rating Outlook considers PPW's strong credit metrics, relatively
low business risk profile, competitive resource base, below-industry-average retail rates and
management focus on cost control and rate stability.
Rating Sensitivities
Positive Rating Action: Sustained EBITDA and FFO leverage ratios of 3.25x and 3.5x,
respectively, or better, along with continued efficient operating performance and balanced
regulation could trigger future credit rating upgrades.
Negative Rating Action: Unexpected deterioration across key regulatory jurisdictions and/or a
prolonged plant outage or other event causing PPW's FFO-adjusted leverage to decline to 5.0x
and EBITDA leverage to decline to 3.75x, or worse, on a sustained basis could trigger adverse
rating actions.
LTM
2017 2016
Adjusted Revenue
Operating EBITDAR
Cash Flow from
Operations
Tolal Adjusted Debt
Total Capitalization
Capex/
Depreciation (o/o)
FFO Fixed-Charge
Coverage (x)
FFO-Adjusted
Leverage (x)
Total Adjusted
DebVEBITDAR (x)
Berkshire
Company
Hathaway,
Related Research
Fitch Affrms Berkshire Hathaway
Energy Follo,ving Oncor Acquisition
Announcement; Ou{ook Steble
(July 2017)
U.S. Corporates Spotight Series:
5,230
2,238
5,201
2,211
1,568
7,471
14,739
117.3
5.5
3.4
3.4
1,605
7,165
14,504
1 13.5
5.8
3.1
3.2
Hdhaway
(Subsidiary of
lnc.) (May 2017)
Energy
Berkshire
Analysts
Philip Smyth, CFA
[phone]
philip.smyth@fi tchratings.com
Kevin Beicke, CFA
+'l 212 908-0618
kevin. beicke@f itch ratings.com
www.fitchratings.com July 20,2017
FitchRatings c orporates
Utilities, Power & Gas / U.S.A.
Financial Overview
Liquidity and Debt Structure
PPW's liquidity position as of March 31,2017 was $915 million, including $15 million in
available cash and cash equivalents and a remaining borrowing capacity of $900 million under
its credit facilities. PPW's stand-alone borrowing capacity under its revolving credit facilities
totals $1 billion and consists of two separate facilities sized at $600 million and $400 million
maturing in March 2018 and June 2019, respectively.
Debt Maturities and Liquidity
($ Mil., As of March 31, 2017)
2017
2018
2019
2020
2021
Thereafter
Cash and Cash Equivalents
Undrawn Committed Facilities
Total Debt and Leverage
-
Total Adjusted Debt (LHS)
($ Mir.)
-DebuEBlTDAR
(RHS)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
586
350
38
420
5,675
15
900
(x)
4.0
3.5
3.0
2.5
2.0
'1.5
1.0
0.5
0.0
Source: Company data, Fitch.
2013 2014 2015
Source: Company data, Fitch.
Cash Flow Analysis
PPW was modestly FCF negative during 2013-2016, reflecting rising FFO, a declining trend in
capex and higher dividends paid. PPW's capex declined 15% to $903 million in 2016 from $1 .1
billion in 2013. Meanwhile, PPW's utilig FFO averaged $1.6 billion per year in2013-2016.
Factoring in dividends and capex, PPW's FCF deficit averaged $144 million per year or
approximately 15% of average annual 2013-2016 capex. PPW's annual 2016-2018 capex run
rate as disclosed at BHE's fixed-income analyst conference was estimated at approximately
$1.2 billion per year on average, before considering proposed wind projects included in PPW's
integrated resource plan filing with regulators.
2016 LTM
3t31t17
Gash Flow from Operations and Cash Use
rCash Flow from Operations
($ Mil.)
! Capex r Dividends
Related Criteria
Non-Financial Corporatos Notchingand Recovery Ratings Critaria
(June 2017)
Criteria br Rating Non-Financial
Corporates (March 2017)
Parent and Subsidiary Rating
Linkage (August 2016)
Rating U.S. Utilities, Poiler and Gas
Companies (Sector CFdit Factors)
(tt/hrch 2014)
2,000
1,800
1,600
'1,400
1,200
1,000
800
600
400
200
0
20't3
Source: Company data, Fitch.
2014 2015 2016 ITM 3131117
PacifiCorp
July 20, 2017
2
FitchRatings Gorporates
_l
Peer and Sector Analysis
Peer Group Peer Group Analysis
($ Mil.)lssuer Country PacifiCorp
Arizona Public
Servico Co.
Public Service
Company of
Colorado
Southem
Califomia Edbon
CompanyA-
Arizona Public Service Co.
Public Service Company
of Colorado
Southern Califomia
Edison Company
Date
lssuer Rating History
LT IDR
(Fc)
As of
IDR
Outook
Fundamental Ratios (x)
Operating EBITDAR/
(Gross lnterest Expense + Rents)
FFO Fixed-Charge Coverage
Total Adjusted Debuoperating EBITDAR
FFO/Total Adjusted Debt (o/o)
FFO-Adjusted Leverage
Common Dividend Payout (o/o)
I ntemal Cash/Capex (o/o)
Capex/Depreciation (%)
Retum on Equity (%)
Financial lnformation
Revenue
Revenue Growth (%)
EBITDA
Operating EBITDA Margin (%)
FCF
Total Adjusted Debt with Equity Credit
Readily Available Cash
Funds Flow from Operations
Capex
IDR - lssuer Default Raling.
Source: Company data, Fitch.
U,S.
u.s.
u.s.
OutlooU
Watch
3t31t17
A-
Rating Outook
Stable
3t3'.U',t7
A-
Rating Oudook
Stable
3t31t17
Rating Outlook
Stable
3131117
A-
Rating Outlook
Stable
Feb. 1,2017 A- Stable
May 5, 2016 A- Stable
Nov.24, 2015 A- Stable4pi124,2015 BBB+ Positive
Oct. 3, 2014 BBB+ PositiveApdT,2014 BBB Stable
Sept. 16,2013 BBB Stable
Sept. 17,2012 BBB Stable
Sept.29,2011 BBB Stable
Oct. 1,2010 BBB StableOct.2,2009 BBB Stable
Aug.13,2008 BBB Stable
July 13,2007 BBB StableJan.31,2006 BBB StableDec.6,2005 BBB+ Stable
May 24,2005 A- Stiable
Oct.5,2004 A- Stable
May24,1995 A- Stable
LT IDR - Long-term lssuer Default Rating.
FC - Foreign currency.
Source: Fitch.
5.7
5.8
3.2
31.8
3.'l
112.6
82.9
1 13.5
10.3
5,230
(0.1)
2,223
42.5
(151)
7,1 65
15
1,881
(881)
6.7
6.3
3.1
30.2
3.3
59.7
61.5
205.3
9.9
3,490
(0.2)
1,468
42.1
(4s1 )
4,510
3
1,143
('1,17't)
8.0
8.3
3.2
31.9
3-1
71.6
65.4
255.2
8.7
4,072
(0.4)
1,332
32.7
(3ss)
4,375
6
1,228
(1,1 s3)
20.4
1 1.6
3.0
30.2
54.2
75.5
171.5
'10.9
11,851
3.8
4,358
36.8
(886)
13,088
100
3,580
(3,612)
PacifiCorp
July 20,2017
3
Gorporates
Key Rating Issues
Oregon Coal Phase-Out
ln Fitch's view, Senate Bill (S.B.) 1U7-B enacted in March 2016 phasing out coal-fired
generation in Oregon by 2035 while sharply increasing Oregon's renewable standard is likely to
result in higher costs for the utility. However, Fitch believes the higher costs associated with
S.B. 1547-8 will be recovered from customers and the effects of the legislation will be
manageable within PPW's current credit profile.
The law sets firm milestones for the elimination of coal-fired generation for the state's two
largest electric utilities, Portland General by 2035 and Pacific Power (which is a division of
PPW) by Jan. 1,2030. S.B. 1547-8 also sets a significantly higher renewable portfolio standard
(RPS), requiring that 35o/o ol retail load is sourced from qualifying renewables by 2030, 45o/o by
2035 and 50o/o by 2040. Oregon's 2007 RPS required thal20% of retail customer power needs
be met by qualifying renewables, increasing to 25o/o in 2025.
S.B. 1547-8 was the result of a collaborative process of stakeholders, including PPW and
environmental groups, and will help the state achieve its ambitious carbon reduction goal of
75% below 1990 levels by 2050. PPW estimates that the legislation will save consumers up to
$600 million compared with a proposed ballot initiative sponsored by Renew Oregon. While
Oregon is PPW's secondJargest contributor to consolidated kilowatt-hour (kWh) sales ranked
by state, it represented approximately one-quarter of PPWs annual sales, underscoring the
geographic diversity of the utility's operations. Utah, Oregon and Wyoming accounted for 85%
of total kWh sales during 2013-2016, with Washington, ldaho and California accounting for the
remaining 15%.
Constructive Regulation
Regulatory outcomes across PPW's multistate service territory have been and are expected to
remain balanced from a credit perspective, with the exception of Washington. Economic
regulation by the Washington Utilities and Transportation Commission (WUTC), has turned
more challenging, in Fitch's, Mew. General rate case decisions issued by the WUTC in 2013
and 2015 were disappointing from a creditworthiness point of view, with noticeable
improvement in PPW's most recent GRC. Various riders are in place across PPW's service
territory to facilitate recovery of certain costs outside of 'GRC proceedings, including fuel
adjustment clauses that mitigate commodity price exposure in all of PPW's regulatory
jurisdictions. GRC filings have slowed, reflecting management focus on rate stability and lower
capex. No GRCs are currently pending across PPW's six-state service territory.
PPW's retail electric rates are competitive regionally, based on weighted average rates. Pacific
Power's and Rocky Mountain Power's weighted average retail rates are $0.095/kWh and
$0.082/kwh, respectively, which compare with Pacific and Mountain regional average rates of
$0.145/kwh and $0.095/kWh, respectively, based on Edison Electric lnstitute data. While
year-over-year capex projections have risen meaningfully, Fitch believes PPW will be able to
offset costs associated with wind and transmission investment via cost reductions, keeping
rates flat through 2019.
ln September 2016, WUTC authorized a $14 million, two-step rate increase. The rate increase
is composed of a $6 million (1.7%) first-step rate increase effective October 2016 and an
$8 million (2.3%) second-step rate increase effective September 2017. The rate increases are
based on a 9.5o/o authorized ROE, the same level authorized in PPW's last GRC. ln Fitch's
PacifiCorp
July 20,2017
4
a Corporates
opinion, the outcome of this rate proceeding is more balanced from a PPW creditworthiness
point of view than previous orders issued by the WUTC in 2015 and 2013.
PPW filed its most recent rate case with the WUTC in November 2015, initially requesting a
$20 million two-step rate increase. The company requested a first-step increase of $10 million
effective May 1, 2016 and a second-step increase of $10.3 million effective May 1, 2017.The
WUTC orders in the proceeding adopted PPW's proposed depreciation acceleration program
and a decoupling mechanism. The new depreciation schedule is designed to recover all capital
costs of the Bridger plant by 2025 and Colstrip Unit 4 by 2032. fhe WUTC-approved
decoupling mechanism is effective for five years and includes triggering thresholds and caps in
the interest of rate stability. The commission also denied PPW a return on emission control
equipment installed at Jim Bridger Units 3 and 4.
ln Fitch's opinion, rulings by the WUTC in GRCs issued March 2015 and December 2013 were
unfavorable from a credit point of view. The WUTC orders disallowed costs related to
purchased power from qualifying facilities located outside the state of Washington and
authorized an ROE of 9.5%, below the industry average at the time the order was issued. PPW
subsequently filed a petition for judicial review of certain findings in the WUTC's December
2013 order. ln April 2016, the Washington Court of Appeals affirmed the WUTC order,
deferring to the commission's discretion in ratemaking and concluding that the commission did
not abuse that discretion. Washington is a relatively small slice of PPW's operations,
representing approximately 7% of consolidated 2016 kWh sales. Regulatory outcomes across
the remainder of PPW's service territory have been and are expected to continue to be
balanced.
Capex
PPW's 2017 IRP proposes the addition of 1,100 MW of new wind generation in Wyoming that
will connect to a new 140-mile 500-kilovolt transmission line from a substation near Medicine
Bow, WY to the Jim Bridger power plant. The transmission line will provide access to the new
wind generation and relieve congestion. The IRP also includes 905 [4\ / of repowered wind
generation and calls for retirement of 3,650 MW of coal-fired generation by 2036. The wind
repowering projects incorporate federal production tax credit (PTC) benefits and are expected
to be completed by 2020.
PPW's most recent capex plan, disclosed at its March 2017 fixed income analyst meeting,
included new wind development of 24O MW at an estimated cost of $377 million and
repowering of 805 MW at an estimated cost of $917 million. PPW's current capital investment
plan (disclosed in March 2017) is 37% higher than the prior capex plan and totals $3.5 billion
during 2017-2019, compared with $2.5 billion in the prior plan. lf adopted, the IRP is likely to
push capex meaningfully higher in 2018 and 2019.
Galifornia ISO
PPW is considering the feasibility, costs and benefits of joining the California lndependent
System Operator (CAISO) as a participating transmission owner and has completed a
comprehensive benefits study. The results of the study, showing net benefits to constituents,
were released in October 2015, along with an extension of the nonbinding memorandum of
understanding originally entered into by PPW in April 2015. The results of the study support
further analysis. California S.B. 350 authorizes the California legislature to consider making
changes to current laws that would create an independent governance structure for a regional
independent system operator in the state's 2017 legislative session. Regulatory approvals
PacifiCorp
July 20,2017
5
a Corporates
would be required if PPW decides to become a participating transmission owner in CAISO. ln
that scenario, PPW would participate in the day-ahead market operated by the CAISO and the
unified planning and operation of PPW's transmission network.
PPW and affiliate NV Energy, lnc. (NVE) have participated in CAISO's Energy lmbalance
Market (ElM) since 2014 and 2015, respectively, reducing the companies' costs to serve
customers. EIM provides benefits through more efficient dispatch from a larger, more diverse
pool of resources, more effective integration of renewable resources and enhanced reliability
through greater situational awareness and responsiveness.
Strong Corporate Parent
PPW is a wholly owned indirect subsidiary of Berkshire Hathaway Energy Company (BHE),
which in turn is majority-owned by Berkshire Hathaway lnc. (BRK; IDR AA-/Outlook Stable).
Ownership of BHE by BRK is viewed favorably by Fitch as dividend retention affords BHE
greater flexibility in managing operating company growth, dividends and capital structure
compared with other investor-owned utilities. Ring-fence provisions at PPW, including a special
purpose entity, are designed to preserve credit quality and limit PPW exposure to BHE
liabilities.
Organizational Structure - Berkshire Hathaway Energy Company
($ Mil., As of March 31,2017)
IDR - lssuer Default Rating.
Source: Company filings, Fitch.
MidAmerican
Energy Company
IDR - A-/Stable
Total AdJustedDebt 4.926
Berkshire Hathaway lnc
IDR - AA-/Stable
39,304Total AdJusted Debt
Berkshire Hathaway Energy Company
IDR - BBB+/Stable
BHE Renewables
NV Energy, lnc.
IDR - BBB-/Positive
4,622
AltaLink, L.P
HomeServices
of America
Nevada Power
Company d/b/a
NV Energy
IDR - BBB/Positive
Total Adjusted
Debt 3.086
Sierra Pacific Power
Company d/b/a
NV Energy
IDR - BBB/Positive
Total AdJustedDebt 1.223
Northern
Powergrid
(Northeast) Ltd.
IDR - A-/Stable
Northern
Powergrid
(Yorkshire) plc
IDR - A-lstable
BHE U.S.
Transmission
Northern
Powergrid
IDR _ BBB+/
StableTotal Adlusted
Debt
Northern Natural
Gas company
IDR - A/Stable
Total AdjustedDebt 828
PacifiCorp
IDR - A-/Stable
Total AdjustedDebt 7,'165
PacifiCorp
July 20,2017
6
a Gorporates
Kern River
Funding Corp.
MidAmerican
Funding LLC
IDR - BBB+/SIAbIC
Total Adjusted
Debt 5.291
Definitions
. Total Adjusted DebUOp
EBITDAR: Total balance sheet
adjusted for equity credit and
off-balance sheet debt divided
by operating EBITDAR.
. FFO Fixed-Charge Coverage:
FFO plus gross interest minus
interest received plus preferred
dividends plus rental payments
divided by gross interest plus
preferred dividends plus rental
payments.
. FFo-Adjusted Leverage: Gross
debt plus lease adjustment
minus equity credit for hybrid
instruments plus preferred
stock divided by FFO plus
gross interest paid plus
preferred dividends plus rental
expense.
Key Metrics
Tota! Adjusted DebUOp. EBITDAR
-Pacificorp -lUC
Median
(x)
4.0
-
2.0
1.0
FFO Fixed-Charge Coverage
-PacifiCorp -lUC
Median
(x)
8.0
6.0
4.0
2.0
3.0
(x)
4.0
3.0
2.0
't.0
2016 LTM
3t31t17
LTM
3131117
2013 2014 2015 2016
IUC - lntegrated utility companies.
Source: Company data, Fitch.
Capex/Depreciation
-PacifiCorp -lUC
Median
2016
LTM
3t31t17
LTM
3t31117
2013 2014 2015
IUC - lntegrated utility companies.
Source: Company data, Fitch.
FFO-Adjusted Leverage
-PacifiCorp -lUC
Median
:
(o/o)
250
200
150
100
50
Company Profile
Acquired by BHE in March 2006, PPW provides integrated electric utility service to 1.8 million
retail customers in six Western U.S. states. Through its Rocky Mountain Power division, PPW
serves customers in parts of Utah, Wyoming and ldaho. lts Pacific Power division oversees its
Western service territory operations serving customers in parts of Oregon, Washington and
California. Combined, Utah, Oregon and Wyoming accounted lor 85o/o of PPW's total retail
electricity sales in 2014-2016.
2013 2014 2015 2016
IUC - lntegrated utility companies.
Source: Company data, Fitch.
Business Trends
Revenue Dynamics
-
Net Revenues (LHS)
-Net
Revenue Growth (RHS)
($ Mil.)
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0 2013 2014 2015
20't3 2014 2015
IUC - lntegrated utility companies.
Source: Company data, Fitch.
(v")
43
42
41
40
39
38
37
36
35
(Yo)
6.0
5.0
4.0
3.0
2.0
1.0
0.0
EBITDA Dynamics
TEBITDA(LHS)
-E$|1DA
Margin (RHS)
($ Mil.)
2,500
2,000
1,500
'I,000
500
0 2013 2014 2015
Source: Company data, Fitch.
20'16 LTM2016 LTM
3131t17
Source: Company data, Fitch.3t31t17
PacifiCorp
July 20,2017
7
F aa Corporates
Financial Summary - PacifiCorp
($ Mil., As of Mar 31, 2017, IDR - A-lRating Outook Stable)
Fundamental Ratios
Operating EBITDAR/(Gross lnterest Expense + Rents) (x)
FFO Fixed-Charge Coverage (x)
Total Adjusted DebilOperating EBITDAR (x)
FFO/Total Adjusted Debt (o/o)
FFo-Adjusted Leverage (x)
Common Dividend Payout (o/o)
lntemal Cash/Capex (%)
Cape)dOepreciation (%)
Retum on Equity (0/6)
Profltability
Revenues
Revenue Growth (o/o)
Net Revenues
Operating and Maintenance Epense
Op€rating EBITDA
Operating EBITDAR
Dopreciation and Amortization Expense
Operating EBIT
Grqss lntersst Epense
Net lncome for Common
Operating Maintenancs $eome 0/6 of Net Re\6nues
Operating EBIT o/o of Net Revenues
Caeh Flow
Cash Flow ftom Operations
Change in Working Capital
FFO
Dividends
Capex
FCF
Net Ofier lnveshent Cash Flow
Net Change in Debt
Net Equity Proceeds
Capital Structure
Short-Term Debt
Total Long-Term Debt
Total Debt with Equity Credit
TotalAdjusted Debt with Equity Credit
Total Common Shareholde/s Equity
Total Capital
Total DebuTotal Capital (%)
Common Equity/Total Capital (%)
IOR - lssuer Default Rating.
Source: Company data, Fitch.
2013
4.9
4.8
3.6
27.3
3.7
73.3
98.7
157.8
8.8
6,877
6,878
7,006
7,787
14,663
47
53
2014
5.2
5.0
3.5
27.4
3.6
103.9
79.3
146.8
9.0
20
7,053
7,074
7,202
7,756
14,828
48
52
2015
5.4
5.2
3.5
28.2
3.5
136.7
85.6
't2't.0
9.1
20
7,146
7,167
7,287
7,503
14,668
49
5't
5.6
5.5
3.4
29.1
3.4
114.7
76.7
117.3
10.2
5.7
5.8
3.2
31.8
3.1
112.6
114.2
113.5
10.3
2016 LTM 3/31/17
5,147
5.4
3,223
(1,1 14)
1,939
1,955
(67s)
1,264
(37e)
682
(34.6)
39.2
1,551
34
1,517
(s00)
(1,065)
(14)
12
15
(40)
5,252
2.0
3,255
(1,057)
2,026
2,042
(726)
1,300
(37s)
698
(32.5)
39.9
1,570
(10)
1,580
(725)
(1,066)
(22',t)
(16)
207
5,201
(0.6)
3,450
(1,064)
2,196
2,211
(770)
1,426
(380)
763
(30.8)
41.3
1,568
(20e)
1,777
(87s)
(e03)
(21 0)
33
182
270
7,O79
7,351
7,47',1
7,390
14,739
50
50
5,230
(0.1)
3,465
(1,049)
2,223
2,238
(776)
1,447
(380)
777
(30.3)
4'1.8
1,605
(276)
1,881
(875)
(881)
(1s1)
55
(56)
8
7,O27
7,037
7,1 65
7,469
14,504
49
51
5,232
(0.4)
3,364
(1,082)
2,097
2,'t12
(757)
1,340
(37s)
695
(32.2)
39.8
1,734
74
1,660
(e50)
(e16)
(132)
(3)
124
PacifiCorp
July 20,2017
I
a Gorporates
Ratings
The ratings above were solicited by, or on behalf ol the issuer, and therefore, Fitch has been
compensated forthe provision of the ratings.
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July 20,2017
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