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Fitch might lift NorthWestern
Fitch Ratings said it placed the BBB issuer default rating and all outstanding long-term debt ratings of NorthWestern Corp. on Rating Watch Positive following the announcement of its agreement to acquire a 633 MW hydroelectric generation portfolio from PPL Montana for $900 million.
The previous outlook for NorthWestern was positive. Fitch has also affirmed the company's short-term issuer default ratings and commercial paper ratings at F2.
Fitch said it believes that pro-forma for the acquisition, NorthWestern's credit profile would be marginally incrementally stronger than its current credit profile, which is already strong for the rating (reflected in the positive outlook). Resolution of the Watch will be contingent upon MPSC approval and the terms and conditions of any such approval.
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