APS 2011 Annual Report Download - page 91

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67
fuel supply, and other energy-related contracts. At this time, we believe we have sufficient liquidity to
cover a downward revision to our credit ratings.
Moody’s Standard & Poor’s Fitch
Pinnacle West
Corporate credit
rating Baa3 BBB BBB-
Commercial paper P-3 A-2 F3
Outlook Stable Positive Stable
APS
Senior unsecured Baa2 BBB BBB
Secured lease
obligation bonds
Baa2
BBB
BBB
Corporate credit
rating Baa2 BBB BBB-
Commercial paper P-2 A-2 F3
Outlook Stable Positive Stable
Off-Balance Sheet Arrangements
See Note 20 for a discussion of the impacts on our financial statements of consolidating certain
VIEs.
Guarantees and Surety Bonds
Pinnacle West sold its investment in APSES on August 19, 2011. Upon the closing of the sale,
Pinnacle West was released from its parental guarantee and surety bond obligations related to the
APSES business. Pinnacle West has also issued parental guarantees and surety bonds for APS which
were not material at December 31, 2011.