Negative outlook assigned to New Mexico electric utility

ALBUQUERQUE, N.M. (AP) – A major credit rating agency has given New Mexico’s largest electric utility and its parent company a negative outlook as state regulators look to resolve questions over a proposed rate increase.
PNM Resources says the outlook by Standard & Poor’s moves the family of companies in the direction of a credit rating downgrade.
The agency cited a challenging regulatory environment and pointed to the financial effects of a decision last week by the New Me