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Fitch downgrades NorthWestern
Fitch Ratings said it downgraded NorthWestern Corp.’s long-term issuer default rating to BBB from BBB+.
The agency also trimmed the company's senior unsecured and secured ratings to BBB+ from A- and to A- from A, respectively.
“The downgrade reflects weaker leverage metrics than previously anticipated as a result of significant regulatory lag during a period of heavy capex. Fitch projects FFO leverage metrics will approximate 6x through 2024 before strengthening to approximately 5.3x in 2025-2026 as capital spending subsides and large projects enter service. Leverage metrics are more consistent with a BBB IDR and above the previous 5x negative sensitivity threshold for a downgrade,” the agency said in a press release.
The outlook is stable.
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