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S&P lowers Otter Tail
Standard & Poor's said it lowered its corporate credit rating on Otter Tail Corp. to BBB- from BBB+.
The outlook is stable.
The agency said the downgrade factors in the company's growing appetite for non-utility businesses in combination with expected credit measures that are more consistent with the BBB- rating - specifically, Otter Tail's expected cash flow is likely to be under duress at the higher-risk wholly owned subsidiary Varistar Corp. given economic indicators.
The stable outlook on Otter Tail reflects S&P's expectations that the company's regulated utility operations will continue to account for a material portion of the company's consolidated cash flows.
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