Arizona Public Service Company Credit Ratings

Entity

Arizona Public Service Company

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


1			2			3			4			5

01Ratings

Rating	Action	Date	Type
BBB+	Affirmed	14-Mar-2025	Long Term Issuer Default Rating
F2	Affirmed	14-Mar-2025	Short Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating
Short Term Issuer Default Rating

Date :

14-Mar-2025

26-Mar-2024

18-Dec-2023

17-Feb-2023

09-Mar-2022

12-Oct-2021

15-Oct-2020

25-Jun-2020

26-Jun-2019

26-Oct-2018

18-Jun-2018

18-Oct-2017

20-Jun-2017

27-Sep-2016

26-May-2016

30-Sep-2015

28-May-2015

01-Oct-2014

30-May-2014

07-Apr-2014

17-May-2013

21-May-2012

25-May-2011

26-May-2010

09-Apr-2009

21-Dec-2007

30-Jan-2006

06-Jan-2006

06-Dec-2005

30-Mar-2005

09-May-2003

04-Dec-2002

26-Feb-2002

01-Oct-2001

25-Oct-2000

13-May-1998

13-Jan-1998

Rating :

BBB+

A-

BBB+

BBB

BBB-

BBB

BBB+

BBB

Action :

Affirmed

Review - No Action

Affirmed

Review - No Action

Downgrade

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Upgrade

Affirmed

Upgrade

Affirmed

Downgrade

Rating Watch On

Revision IDR

Affirmed

Rating Watch On

Affirmed

Upgrade

New Rating

02Rating Actions

Rating Action Commentary / Fri 14 Mar, 2025

��ֳ� Affirms Pinnacle West at 'BBB' and Arizona Public Service at 'BBB+'; Outlook Stable

Rating Action Commentary / Mon 06 May, 2024

��ֳ� Rates Arizona Public Service Co.'s Sr. Unsecured Bonds 'A-'; Outlook Stable

Rating Action Commentary / Tue 26 Mar, 2024

��ֳ� Downgrades Pinnacle West to 'BBB'; Affirms Arizona Public Service at 'BBB+'

Rating Action Commentary / Tue 27 Jun, 2023

��ֳ� Rates Arizona Public Service Co.'s Sr. Unsecured Bonds 'A-'

Rating Action Commentary / Fri 17 Feb, 2023

��ֳ� Affirms Pinnacle West Capital & Arizona Public Service at 'BBB+'; Outlooks Remain Negative

Rating Action Commentary / Fri 04 Nov, 2022

��ֳ� Rates Arizona Public Service Co.'s $400MM Sr. Unsecured Bonds 'A-'

Rating Action Commentary / Tue 12 Oct, 2021

��ֳ� Downgrades Pinnacle West Capital & Arizona Public Service to 'BBB+'; Outlooks Remain Negative

Rating Action Commentary / Wed 11 Aug, 2021

��ֳ� Rates Arizona Public Service Co.'s $400MM Sr. Unsecured Bonds 'A'

Rating Action Commentary / Tue 08 Sep, 2020

��ֳ� Rates Arizona Public Service Co.'s $400MM Sr. Unsecured Green Bonds 'A'; Outlook Negative

Rating Action Commentary / Thu 25 Jun, 2020

��ֳ� Affirms Pinnacle West Capital & Arizona Public Service at 'A-'; Outlook remains Negative

Rating Action Commentary / Tue 19 May, 2020

��ֳ� Rates Arizona Public Service Co.'s $600MM Sr. Unsecured Notes 'A'; Outlook Negative

Rating Action Commentary / Mon 18 Nov, 2019

��ֳ� Rates Arizona Public Service Co.'s $300MM Sr. Unsecured Notes 'A'; Outlook Negative

Rating Action Commentary / Mon 12 Aug, 2019

��ֳ� Rates Arizona Public Service Co.'s $300MM Sr. Unsecured Notes 'A'; Outlook Negative

Rating Action Commentary / Wed 26 Jun, 2019

��ֳ� Affirms Pinnacle West Capital & Arizona Public Service's IDRs at 'A-'; Outlooks to Negative

Rating Action Commentary / Wed 27 Feb, 2019

��ֳ� Rates Arizona Public Service Co.'s $300MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Tue 07 Aug, 2018

��ֳ� Rates Arizona Public Service Co.'s $300MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Mon 18 Jun, 2018

��ֳ� Affirms PNW and APS' IDRs at 'A-'; Outlooks Stable

Rating Action Commentary / Wed 06 Sep, 2017

��ֳ� Rates Arizona Public Service Co.'s $300MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Tue 20 Jun, 2017

��ֳ� Affirms PNW and APS' IDRs at 'A-'; Outlooks Stable

Rating Action Commentary / Thu 15 Sep, 2016

��ֳ� Rates Arizona Public Service Co.'s $250MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Thu 26 May, 2016

��ֳ� Affirms PNW and APS's IDRs at 'A-'; Outlooks Stable

Rating Action Commentary / Tue 03 May, 2016

��ֳ� Rates Arizona Public Service Co's $350MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Tue 03 Nov, 2015

��ֳ� Rates Arizona Public Service Co's $250MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Action Commentary / Thu 28 May, 2015

��ֳ� Upgrades PNW and APS's IDRs to 'A-'; Outlooks Revised to Stable

Rating Action Commentary / Fri 15 May, 2015

��ֳ� Rates APS's $300MM Sr. Unsecured Notes 'A-'; Outlook Positive

Rating Action Commentary / Wed 07 Jan, 2015

��ֳ� Rates APS's $250MM Sr. Unsecured Notes 'A-'; Outlook Positive

Rating Action Commentary / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Commentary / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Wed 11 Jun, 2014

��ֳ� Rates APS' $250MM Sr. Unsecured Notes 'A-'; Outlook Positive

Rating Action Commentary / Fri 30 May, 2014

��ֳ� Affirms PNW and APS at 'BBB+'; Outlook Revised to Positive

Rating Action Commentary / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Tue 07 Jan, 2014

��ֳ� Rates Arizona Public Service Co.'s $250MM Sr. Unsecured Bonds 'A-'; Outlook Stable

Rating Action Commentary / Fri 17 May, 2013

��ֳ� Upgrades Pinnacle West & Subsidiary Arizona Public Service to 'BBB+'

Rating Action Commentary / Wed 20 Mar, 2013

��ֳ� Rates Arizona Public Service Co.'s $100MM 4.5% Sr. Unsecured Bonds 'BBB+'; Outlook Stable

Rating Action Commentary / Mon 21 May, 2012

��ֳ� Upgrades Pinnacle West and Subsidiary Arizona Public Service to 'BBB'

Rating Action Commentary / Wed 11 Jan, 2012

��ֳ� Rates Arizona Public Service Co.'s $325MM 4.5% Sr Unsecured Bonds 'BBB'; Outlook Stable

Rating Action Commentary / Tue 23 Aug, 2011

��ֳ� Rates Arizona Public Service $300MM 5.05% Bonds 'BBB'; Outlook Stable

Rating Action Commentary / Wed 25 May, 2011

��ֳ� Affirms Pinnacle West & Arizona Public Service Co. IDRs at 'BBB-'; Outlook Stable

Rating Action Commentary / Wed 26 May, 2010

��ֳ� Affirms PNW's Ratings; Outlook Revised to Stable

Rating Action Commentary / Thu 09 Apr, 2009

��ֳ� Affirms PNW and APS' IDR at 'BBB-'; Outlook Negative for PNW; Stable for APS

Rating Action Commentary / Fri 21 Dec, 2007

��ֳ� Revises Pinnacle West's Outlook to Negative; Affirms 'BBB-' IDR

Rating Action Commentary / Mon 30 Jan, 2006

��ֳ� Lowers PNW & APS' Sr. Unsecured Ratings to 'BBB-' & 'BBB', Respectively; Outlook Stable

Rating Action Commentary / Fri 06 Jan, 2006

��ֳ� Places PNW and APS on Rating Watch Negative

Rating Action Commentary / Wed 30 Mar, 2005

��ֳ� Affirms PNW & APS' Unsecured Ratings at 'BBB' & 'BBB+'; Outlook Stable

Rating Action Commentary / Fri 09 May, 2003

��ֳ� Affirms PNW & APS; Rating Outlook Negative

Rating Action Commentary / Wed 04 Dec, 2002

��ֳ� Places PNW & APS On Rating Watch Negative

Rating Action Commentary / Tue 26 Feb, 2002

Arizona Public Service Sr Unsecured Debt Rated 'BBB+' By ��ֳ�

03Insights

Rating Report / Thu 03 Apr, 2025

Arizona Public Service Company

Rating Report / Wed 02 Apr, 2025

Pinnacle West Capital Corporation

Special Report / Fri 13 Dec, 2024

North American Integrated Utilities — Relative Credit Analysis

Rating Report / Fri 05 Apr, 2024

Pinnacle West Capital Corporation

Rating Report / Fri 05 Apr, 2024

Arizona Public Service Company

Rating Report / Fri 07 Apr, 2023

Arizona Public Service Company

Rating Report / Thu 06 Apr, 2023

Pinnacle West Capital Corporation

Special Report / Thu 31 Mar, 2022

ESG in Focus: Social Relevance Scores Review 4Q21

Rating Report / Tue 16 Nov, 2021

Arizona Public Service Company

Non-Rating Action Commentary / Mon 16 Nov, 2020

��ֳ� Rates Arizona Public Service Co.'s Sr. Unsecured Notes Reopening 'A'; Outlook Negative

Rating Report / Wed 22 Jul, 2020

Arizona Public Service Company (Subsidiary of Pinnacle West Capital Corporation)

Non-Rating Action Commentary / Fri 24 Jan, 2020

No Change in PNW/APS' Ratings/Negative Outlook Following Clean Energy Proposal

Special Report / Wed 28 Aug, 2019

U.S. Integrated Electric Utilities Handbook (A Detailed Review of Integrated Electric Utilities)

Rating Report / Wed 03 Jul, 2019

Arizona Public Service Co.

Navigator Report / Mon 07 Jan, 2019

Arizona Public Service Co. - Ratings Navigator

Rating Report / Thu 12 Jul, 2018

Pinnacle West Capital Corp.

Rating Report / Thu 12 Jul, 2018

Arizona Public Service Co. (Subsidiary of Pinnacle West Capital Corp.)

Rating Report / Fri 30 Jun, 2017

Arizona Public Service Co. (Subsidiary of Pinnacle West Capital Corp.)

Navigator Report / Mon 26 Jun, 2017

Arizona Public Service Co. - Ratings Navigator

Non-Rating Action Commentary / Thu 16 Mar, 2017

��ֳ� Rates Arizona Public Service Co.'s $250MM Sr. Unsecured Notes 'A'; Outlook Stable

Rating Report / Thu 23 Jun, 2016

Arizona Public Service Co.

Navigator Report / Wed 01 Jun, 2016

Arizona Public Service Co. - Ratings Navigator

Navigator Report / Tue 15 Sep, 2015

Arizona Public Service Co. - Ratings Navigator

Rating Report / Mon 29 Jun, 2015

Arizona Public Service Co. (A Subsidiary of Pinnacle West Capital Corp.)

Navigator Report / Thu 05 Mar, 2015

Arizona Public Service Co. - Ratings Navigator

Rating Action Report / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Report / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Power & Gas Companies' Ratings

Rating Report / Fri 27 Jun, 2014

Arizona Public Service Co. (Subsidiary of Pinnacle West Capital Corp.)

Rating Action Report / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Power & Gas Companies' Ratings

Rating Report / Tue 27 Aug, 2013

Arizona Public Service Co.

Rating Report / Thu 19 Jul, 2012

Arizona Public Service Company

Rating Report / Fri 29 Jul, 2011

Arizona Public Service Company -- Subsidiary of Pinnacle West Capital

Rating Report / Fri 11 Jun, 2010

Arizona Public Service Company (Subsidiary of Pinnacle West Capital)

Rating Report / Fri 11 Jun, 2010

Pinnacle West Capital Corp.

Rating Report / Wed 30 Dec, 2009

Credit Update: Arizona Public Service Company (Subsidiary of Pinnacle West Capital Corporation)

Non-Rating Action Commentary / Wed 18 Nov, 2009

Proposed Arizona Public Service Co. Settlement Would Support 'BBB-' IDR & Stable Outlook

Rating Report / Wed 13 May, 2009

Credit Analysis: Arizona Public Service Company (A Subsidiary of Pinnacle West Capital Corp.)

Rating Report / Wed 13 May, 2009

Credit Analysis: Pinnacle West Capital Corp.

Rating Report / Wed 23 Jan, 2008

Credit Analysis: Arizona Public Service Company (Subsidiary of Pinnacle West Capital Corporation)

Rating Report / Wed 23 Jan, 2008

Credit Update: Pinnacle West Capital Corp.

Non-Rating Action Commentary / Thu 21 Jun, 2007

Arizona Commission Ruling in GRC Supports Arizona Public Service Co. & PNW Ratings

Non-Rating Action Commentary / Fri 05 May, 2006

��ֳ� Comments on PNW Subsidiary APS's Emergency PSA Rate Order

Non-Rating Action Commentary / Thu 26 Jan, 2006

APS Remains on Watch Negative After Surcharge Proceeding

Profile Report / Wed 11 Jan, 2006

Pinnacle West Group

Non-Rating Action Commentary / Wed 16 Nov, 2005

U.S. Utilities 'Sticking to Their Knitting'

Rating Report / Wed 04 May, 2005

Credit Analysis: Arizona Public Service Co.

Non-Rating Action Commentary / Wed 02 Mar, 2005

��ֳ� Comments on Proposed Decision in Arizona Public Service General Rate Case

Profile Report / Mon 20 Dec, 2004

Pinnacle West Capital Corporation

Rating Report / Thu 09 Jan, 2003

Credit Update on Arizona Public Service Co.

Non-Rating Action Commentary / Tue 17 Dec, 2002

��ֳ� Comments On Staff Testimony In APS Financing Request

04Sector Outlooks

Outlook Report / Wed 18 Dec, 2024

North American Paper and Packaging Outlook 2025

Outlook Report / Fri 13 Dec, 2024

Global Oil and Gas Outlook 2025

Outlook Report / Thu 12 Dec, 2024

Global Steel Outlook 2025

Outlook Report / Thu 12 Dec, 2024

U.S. Public power and Electric Cooperatives Outlook

Outlook Report / Tue 10 Dec, 2024

North American Midstream Energy Outlook 2025

Outlook Report / Mon 09 Dec, 2024

Global Chemicals Outlook 2025

Outlook Report / Fri 06 Dec, 2024

EMEA Packaging Outlook 2025

Outlook Report / Thu 05 Dec, 2024

North American Energy & Infrastructure Outlook 2025

Outlook Report / Fri 21 Jun, 2024

North American Energy Infrastructure Mid-Year Outlook 2024

Outlook Report / Wed 13 Dec, 2023

Global Mining Outlook 2024

Outlook Report / Tue 12 Dec, 2023

Global Steel Outlook 2024

Outlook Report / Tue 12 Dec, 2023

Global Oil and Gas Outlook 2024

Outlook Report / Fri 08 Dec, 2023

North American Midstream Energy Outlook 2024

Outlook Report / Fri 08 Dec, 2023

North American Paper and Packaging Outlook 2024

Outlook Report / Thu 07 Dec, 2023

U.S. Public Power and Electric Cooperatives Outlook 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Outlook Report / Tue 05 Dec, 2023

North American Energy Infrastructure Outlook 2024

Outlook Report / Wed 29 Nov, 2023

North American Steel Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Wed 14 Dec, 2022

North American Steel Outlook 2023

Outlook Report / Wed 14 Dec, 2022

Global Mining Outlook 2023

Outlook Report / Wed 14 Dec, 2022

Global Chemicals Outlook 2023

Outlook Report / Tue 13 Dec, 2022

Global Steel Outlook 2023

Outlook Report / Mon 12 Dec, 2022

North American Paper & Packaging Outlook 2023

Outlook Report / Thu 08 Dec, 2022

North American Energy (Oil & Gas) Outlook 2023

Outlook Report / Wed 07 Dec, 2022

North American Utilities, Power & Gas Outlook 2023

Outlook Report / Tue 06 Dec, 2022

North American Energy Infrastructure Outlook 2023

Outlook Report / Tue 06 Dec, 2022

U.S. Public Power and Electric Cooperatives Outlook 2023

Outlook Report / Tue 06 Dec, 2022

North American Midstream Energy Outlook 2023

Outlook Report / Tue 21 Jun, 2022

Global Corporates: 2022 Sector Outlook Updates

Outlook Report / Fri 17 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Finance

Outlook Report / Thu 16 Dec, 2021

��ֳ� 2022 Outlook: Global Oil and Gas

Outlook Report / Mon 13 Dec, 2021

��ֳ� 2022 Outlook: Global Mining

Outlook Report / Mon 13 Dec, 2021

��ֳ� 2022 Outlook: Global Steel

Outlook Report / Fri 10 Dec, 2021

��ֳ� 2022 Outlook: North American Energy (Oil & Gas)

Outlook Report / Tue 07 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Power and Electric Cooperatives

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North American Utilities, Power and Gas

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North American Midstream Energy

Outlook Report / Tue 30 Nov, 2021

��ֳ� 2022 Outlook: North American Energy Infrastructure

Outlook Report / Fri 15 Jan, 2021

��ֳ� 2021 Outlook: U.S. Investment-Grade Corporates

Outlook Report / Wed 06 Jan, 2021

��ֳ� 2021 Outlook Compendium: U.S. Public Finance

Outlook Report / Mon 21 Dec, 2020

��ֳ� 2021 Outlook: U.S. Public Power and Electric Cooperatives -- Amended

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: North American Utilities, Power & Gas

Outlook Report / Fri 04 Dec, 2020

��ֳ� 2021 Outlook: North American Midstream Energy

Outlook Report / Fri 04 Dec, 2020

��ֳ� Outlook 2021: Global Steel

Outlook Report / Wed 02 Dec, 2020

��ֳ� 2021 Outlook: North American Energy Infrastructure

Outlook Report / Tue 01 Dec, 2020

��ֳ� 2021 Outlook: Global Oil and Gas

Outlook Report / Mon 30 Nov, 2020

��ֳ� 2021 Outlook: Global Mining

Outlook Report / Mon 23 Nov, 2020

��ֳ� 2021 Outlook: North American Energy (Oil & Gas)

Outlook Report / Thu 30 Jan, 2020

��ֳ� 2020 Outlook: U.S. Investment-Grade Corporates (Stability Amid Slower Global Growth)

05Securities and Obligations

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 300 mln 3.15% bond/note 15-May-2025

15-May-2025
NR
Matured
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed;

senior unsecured; bond/note
CUSIP: 040555CS1 (Public)
ISIN: US040555CS19 (Public)

Maturity Date: 15-May-2025
Currency: USD
Amount: 300,000,000
Coupon Rate: 3.15%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 500 mln 4.35% bond/note 15-Nov-2045

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CT9 (Public)
ISIN: US040555CT91 (Public)

Maturity Date: 15-Nov-2045
Currency: USD
Amount: 500,000,000
Coupon Rate: 4.35%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 250 mln 2.55% bond 15-Sep-2026

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CV4 (Public)
ISIN: US040555CV48 (Public)

Maturity Date: 15-Sep-2026
Currency: USD
Amount: 250,000,000
Coupon Rate: 2.55%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 250 mln 5.5% bond/note 01-Sep-2035

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CH5 (Public)
ISIN: US040555CH53 (Public)

Maturity Date: 01-Sep-2035
Currency: USD
Amount: 250,000,000
Coupon Rate: 5.5%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 300 mln 2.95% bond/note 15-Sep-2027

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CW2 (Public)
ISIN: US040555CW21 (Public)

Maturity Date: 15-Sep-2027
Currency: USD
Amount: 300,000,000
Coupon Rate: 2.95%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USCP

14-Mar-2025
F2
Affirmed
Short Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; commercial paper

Program: USCP
Currency: USD
Size: 1,000,000,000
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 300 mln 4.2% bond/note 15-Aug-2048

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CX0 (Public)
ISIN: US040555CX04 (Public)

Maturity Date: 15-Aug-2048
Currency: USD
Amount: 300,000,000
Coupon Rate: 4.2%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 250 mln 4.7% bond/note 15-Jan-2044

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CP7 (Public)
ISIN: US040555CP79 (Public)

Maturity Date: 15-Jan-2044
Currency: USD
Amount: 250,000,000
Coupon Rate: 4.7%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 250 mln 3.35% bond/note 15-Jun-2024

15-Jun-2024
NR
Matured
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed;

senior unsecured; bond/note
CUSIP: 040555CQ5 (Public)
ISIN: US040555CQ52 (Public)

Maturity Date: 15-Jun-2024
Currency: USD
Amount: 250,000,000
Coupon Rate: 3.35%
Placement: Public

Issuer: Arizona Public Service Company
Debt Level: senior unsecured
Issue: USD 200 mln 5.625% bond/note 15-May-2033

14-Mar-2025
A-
Affirmed
Long Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; bond/note
CUSIP: 040555CF9 (Public)
ISIN: US040555CF97 (Public)

Maturity Date: 15-May-2033
Currency: USD
Amount: 200,000,000
Coupon Rate: 5.625%
Placement: Public

Page

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06��ֳ� Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating	13-Jan-1998
Short Term Issuer Default Rating	01-Jun-2000

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
UNITED STATES

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side
Short Term Issuer Default Rating	Solicited - Sell Side

Country of Analyst
UNITED STATES

08Identifiers

Type:	CIK Code	CUSIP	CUSIP	LEI
Identifier:	0000007286	040555	566854	YG6VT0TPHRH4TFVAQV64

09Criteria

06Dec
2024

Active Criteria

10Analysts

Daniel Neama
Primary Rating Analyst

Philip Smyth, CFA
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red