Moody’s gives NorthWestern unit Baa2

Moody's Investors Service said it assigned a Baa2 rating to NorthWestern Energy Public Service Corp. (NWPS), a unit of NorthWestern Corp. (NWC). The agency also affirmed NorthWestern Corp.’s A3 senior secured and Baa2 senior unsecured bank credit facility ratings.

The outlook for NWPS is stable reflecting its parent outlook.

“The rating actions follow a series of organizational changes at NWC, including the Oct. 2, 2023 creation of a new public holding company (NorthWestern Energy Group, Inc. or NWEG, unrated). NWC intends to contribute the assets and liabilities (including debt issued under the company's South Dakota first mortgage bond indenture) of its South Dakota- and Nebraska-regulated utilities to the newly created operating company, NWPS,” Moody’s said in a statement.

NWEG and NWPS are borrowers of a new $200 million unsecured revolving credit facility.

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