PNM Resources, Inc.: Update to credit analysis
Our credit view of this issuer reflects its modest diversity of regulatory jurisdictions and geography with New Mexico, Texas and FERC, offset by its holding company debt.PNM Resources is a holding company. Through its regulated utilities, the company provides electricity and electric services in New Mexico and Texas. The company's electric utilities are Public Service Company of New Mexico (PNM) and Texas-New Mexico Power Company (TNMP). PNM is an electric utility that provides electric generation, transmission, and distribution service to its rate-regulated customers in area of north central New Mexico, including the cities of Albuquerque, Rio Rancho, and Santa Fe, and certain areas of southern New Mexico. TNMP is a regulated utility that provides transmission and distribution services in Texas under the provisions of TECA and the Texas Public Utility Regulatory Act.
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