8-K 1 p71649e8vk.htm 8-K e8vk
Table of Contents

 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 21, 2005
         
    Exact Name of Registrant as Specified    
    in Charter; State of Incorporation;   IRS Employer
Commission File Number   Address and Telephone Number   Identification Number
1-8962   Pinnacle West Capital Corporation
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000 		  86-0512431

1-4473 		 
Arizona Public Service Company
(an Arizona corporation)
400 North Fifth Street, P.O. Box 53999
Phoenix, AZ 85072-3999
(602) 250-1000 		 
86-0011170
     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
     This combined Form 8-K is separately filed by Pinnacle West Capital Corporation and Arizona Public Service Company. Each registrant is filing on its own behalf all of the information contained in this Form 8-K that relates to such registrant and, where required, its subsidiaries. Except as stated in the preceding sentence, neither registrant is filing any information that does not relate to such registrant, and therefore makes no representation as to any such information.
 
 

 

TABLE OF CONTENTS

Item 8.01. Other Events.
Item 9.01. Financial Statements and Exhibits
SIGNATURES
Exhibit 99.1

Table of Contents

Item 8.01. Other Events.
     On December 21, 2005, Standard & Poor’s (“S&P”) lowered its credit ratings of Pinnacle West Capital Corporation (“Pinnacle West”) and Arizona Public Service Company (“APS”). A copy of S&P’s press release is attached to this Form 8-K as Exhibit 99.1.
     The table below reflects S&P’s previous and current ratings for Pinnacle West and APS:
         
    S&P’s Rating Immediately    
    Prior to December 21, 2005   S&P’s Current Rating
Pinnacle West
        
Corporate Credit Rating
  BBB/Stable/A-2   BBB-/Stable/A-3
Senior unsecured
  BBB-   BB+
Commercial paper
  A-2   A-3
Outlook
  Stable   Stable
APS
        
Corporate Credit Rating
  BBB/Stable/A-2   BBB-/Stable/A-3
Senior unsecured
  BBB   BBB-
Secured lease obligation bonds
  BBB   BBB-
Commercial paper
  A-2   A-3
Outlook
  Stable   Stable
Pinnacle West’s credit rating for its senior unsecured debt is one level below S&P’s investment grade credit rating. APS’ credit rating for its senior unsecured debt is BBB-, which is S&P’s lowest investment grade credit rating.

 

Table of Contents

Item 9.01. Financial Statements and Exhibits
  (c) Exhibits.
         
Exhibit        
No.   Registrant   Description
99.1
  Pinnacle West
APS 		  Standard & Poor’s Press Release, dated December 21, 2005

2

Table of Contents

SIGNATURES
     Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
         
  PINNACLE WEST CAPITAL CORPORATION
(Registrant)
 		  
Dated: December 22, 2005  By:   /s/ Donald E. Brandt    
    Donald E. Brandt   
    Executive Vice President and Chief
Financial Officer 		  
 
         
  ARIZONA PUBLIC SERVICE COMPANY
(Registrant)
 		  
Dated: December 22, 2005  By:   /s/ Donald E. Brandt    
    Donald E. Brandt   
    Executive Vice President and Chief
Financial Officer 		  
 

 3