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S&P cuts Allete
S&P said it downgraded Allete Inc. to BBB from BBB+, citing 2019 credit measures below the agency’s threshold for a downgrade.
“The company's 2019 FFO to debt was 18.9%, and below our prior downgrade threshold of FFO to debt of 20%. Because of the company's robust capital spending program and recessionary pressures from Covid-19, we expect, under our base case that its financial measures will be below the prior downgrade threshold,” S&P said in a press release.
The outlook is stable.
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