Moody's upgrades Allete

Moody's Investors Service said it upgraded the issuer ratings and senior secured debt of Allete, Inc. and its subsidiary, Superior Water, Light and Power Co., to Baa1 from Baa2.

This concludes the review for possible upgrade that began on April 10, and the outlook is stable.

The agency said the upgrade reflects Allete's focus on growth opportunities primarily within its existing energy business, its well-capitalized balance sheet, robust financial metrics, supportive regulatory environment and sound liquidity profile.

The rating action also took into account the termination of Allete's search for an actively managed unrelated business investment. Moody's said that such an investment, which never materialized, had been a concern in that it may have been outside the company's core competency and could have weakened its credit profile and increased its overall business risk.

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