S&P drops Allete outlook to negative

Standard & Poor's said it revised its outlook on Allete Inc. to negative from stable to reflect the weakening financial profile and the economic challenges facing the company in 2009.

This is largely due to lower operating cash flows and increasing debt leverage that constrain financial measures, the agency noted.

At the same time, S&P said it affirmed its BBB+ corporate credit rating on the company.

The negative outlook on Allete reflects S&P's expectations that the weakening financial measures will not return to levels indicative of an intermediate financial profile due to ongoing economic pressures and the company's large construction program.

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