Moody's upgrades Otter Tail

Moody's Investors Service said it upgraded the senior unsecured rating of Otter Tail Corp. to Baa2 from Baa3 and confirmed Otter Tail Power's issuer rating at A3.

The outlooks are stable.

"The upgrade of OTC's rating reflects the reduction in parent level debt and management's continued strategy to realign and simplify the group's non-regulated activities in order to reduce its overall business risk profile, while also focusing on its regulated utility, OTP, to enhance the group's overall financial performance," Moody's analyst Jeffrey Cassella said in a news release. "The rating confirmation of OTP's rating reflects the continued supportive regulatory frameworks in Minnesota, North Dakota and South Dakota."

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