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Fitch to rate Otter Tail Power BBB
Fitch Ratings said it will establish credit ratings for Otter Tail Corp. and subsidiary Otter Tail Power Co. upon a corporate reorganization expected to occur on Wednesday in which the electric utility Otter Tail Power will become a subsidiary of Otter Tail. Prior to the planned reorganization, the utility is the parent company.
The issuer default rating and senior unsecured debt rating of Otter Tail will be BBB-, its short-term issuer default rating will be F3, and its preferred stock will be rated BB+.
The expected ratings for Otter Tail Power are a BBB long-term issuer default rating, F3 short-term issuer default rating, BBB+ senior unsecured debt rating and a BBB+ rating for its pollution control revenue bonds.
The expected outlook is stable.
Otter Tail Power's BBB issuer default rating reflects the simple business profile of the electric utility and supportive regulatory mechanisms in its three-state area of Minnesota, North and South Dakota, the agency said.
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