Moody's lifts NorthWestern

Moody's Investors Service said it upgraded the ratings of NorthWestern Corp. (senior secured to Baa2 from Baa3 and senior unsecured bank credit facility to Baa3 from Ba2).

The outlook is positive.

The rating actions conclude a review of the ratings for possible upgrade, the agency noted.

"The rating upgrade for NorthWestern reflects the company's steady progress in strengthening its key credit metrics over the past few years and our expectations that the credit supportive outcome in the rate proceeding approved July 1, 2008 in the company's Montana jurisdiction, when coupled with approvals of rate proceedings during December 2007 in the company's less material South Dakota and Nebraska jurisdictions, should allow NorthWestern to sustain its strong financial performance," said Moody's vice president senior analyst, Kevin Rose.

"The improved credit standing for NorthWestern also reflects a much improved overall business risk profile, following the company's exit from substantially all of its unregulated businesses, which is consistent with its back-to-basics utility operating strategy, as well as substantial resolution of lawsuits that lingered after emergence from bankruptcy in October 2004 without undue financial consequences."

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