Fitch Rates $100MM Clark County, NV IDRBs, Ser 2003A & B 'A/F1'.

Business Editors

NEW YORK--(BUSINESS WIRE)--March 14, 2003

The $100,000,000 Clark County, Nevada, industrial development revenue bonds (Southwest Gas Corporation), comprised of $50,000,000 series 2003 A bonds and $50,000,000 series B bonds are rated 'A/F1' by Fitch Ratings. The rating is based on an irrevocable, direct-pay letter of credit (LOC) provided by Fleet National Bank. The bank is obligated to make payments of principal and interest upon maturity, acceleration or redemption, and purchase price for tendered bonds. The rating will expire upon the earliest of: March 20, 2006, the initial stated expiration date of the LOC; any prior termination of the LOC; or defeasance of the bonds. The LOC provides full coverage of principal plus an amount equal to 52 days' interest at a maximum rate of 12% based on a 365-day year and purchase price for tendered bonds. The Remarketing Agent for the bonds is Banc One Capital Markets, Inc. The sale date is expected to be on or about March 20, 2003.

The bonds will bear interest at the weekly interest rate, but may be converted to a daily, term, auction or flexible rate. Bondholders may tender their bonds while in the daily or weekly rate modes on any business day, provided the remarketing agent is given required prior notification. The bonds are subject to mandatory tender upon interest mode conversions, other than conversion between the daily and weekly modes, and upon substitution, expiration or termination of the LOC. Optional and mandatory redemption provisions also apply to the bonds.

The proceeds from the series 2003 A and series B will be used by the Southwest Gas Corporation, the borrower, to refund a portion of the 1992 A bonds.