Only one firm gave a positive rating. The firm believes that the positives outweigh the negatives with regard to the investment outlook for PNW. The firm observes that PNW has a strong balance sheet, an excellent record of operating performance, a regulated profile along with an excellent merchant power segment, high-growth service areas, and a growing number of new wholesale and industrial customers. With all these factors, the firm expects the Company to deliver 9%-11% annual returns to shareholders over the next several years.