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Fitch affirms Otter Tail
Fitch Ratings said it affirmed the issuer default rating of Otter Tail Corp. at BBB-, along with the issuer default rating of its wholly owned subsidiary, Otter Tail Power at BBB.
The outlook is stable.
The ratings take into consideration the company's unusual business portfolio, including a relatively small electric utility and a mix of small cyclical industrial businesses that operate in fragmented and competitive markets, Fitch said.
The company generally does not benefit from advantageous size and scale in its industrial markets, the agency said.
The effect of the downturn on 2009 cash flow was moderated by the realization of tax refunds and investment tax credits, Fitch added.
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