TEXT-Fitch release on PNM Resources

(The following statement was released by the rating agency)

March 10 - Fitch has downgraded PNM Resources (PNMR) and subsidiaries Public Service Company of New Mexico (PNM) and Texas New Mexico Power Company (TNMP) as follows: PNMR

--Issuer Default Rating (IDR) downgraded to 'BB+' from 'BBB-';

--Short-term IDR to 'B' from 'F3'. PNM

--Issuer Default Rating (IDR) downgraded to 'BB+' from 'BBB-';

--Short-term IDR to 'B' from 'F2';

--Senior unsecured to 'BBB-' from 'BBB';

--Preferred rating to 'BB+' from 'BBB-'

--Short-term debt rating to 'B' from 'F2'. TNMP)