Standard & Poor's, the corporate bond rating service, has lowered Utah Power & Light Co.'s senior secured debt rating from single-A to single-A-minus, reflecting the credit profile of PacifiCorp which has assumed the debt. S&P also removed the issue from its CreditWatch where it was placed last Aug. 13 when the merger agreement with lower-rated PacifiCorp was signed.

About $1.2 billion of debt is outstanding.UP&L's preferred stock has been exchanged on a share per share basis for the preferred stock of PacifiCorp and is rated triple-B-plus. It has also been removed from CreditWatch.

UP&L's A-1 commercial paper, which was also on CreditWatch, is withdrawn, S&P said.