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Fitch assigns NorthWestern bond BBB+
Fitch Ratings said it has assigned a BBB+ rating to NorthWestern Corp.'s (issuer default rating rated BBB-) $250 million first-mortgage bond issue due April 1, 2019.
The proceeds of the issuance will be used to repay the outstanding balance under the Colstrip Lease Holdings, LLC credit facility and certain outstanding obligations in connection with the Colstrip Unit 4 generation facility, to pay a portion of the costs of the proposed Mill Creek generation project and to fund future capital expenditures, the agency added.
The outlook is stable.
According to the agency, NorthWestern's ratings reflect consistent operating performance measures, strong cash flow generation, and above average capitalization coupled with the resolution of the Colstrip Unit 4 investment.
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