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Fitch rates NorthWestern Group, units BBB
Fitch Ratings said it assigned NorthWestern Energy Group, Inc. and its new utility subsidiary in South Dakota and Nebraska, NorthWestern Energy Public Service Corp. (South Dakota/Nebraska utility), BBB long-term issuer default ratings. The agency also affirmed NorthWestern Corp.'s Montana utility subsidiary's long-term IDR at BBB.
Fitch also assigned a BBB senior unsecured rating to NorthWestern Energy Group and a BBB+ senior unsecured rating to NorthWestern Energy Public Service Corp.
Finally, Fitch also affirmed the ratings of NorthWestern Corp., including its senior unsecured debt rating at BBB+ and secured debt rating at A-. All outlooks are stable.
The rating actions follow NorthWestern obtaining final approval to separate its utility businesses into distinct companies and establish a holding company to hold the ownership interests, Fitch said.
The utility debt is expected to be allocated to the respective states of operation. The plan takes effect Jan. 1 and each entity will issue debt in its name.
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