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Fitch boosts NorthWestern
Fitch Ratings said it upgraded NorthWestern Corp.'s (NWEC) outstanding credit ratings, including the issuer default rating to BBB- from BB+, senior secured debt to BBB from BBB- and senior unsecured revolving credit facility to BBB- from BB+.
The outlook for NWEC remains evolving, Fitch noted.
The ratings upgrade reflects the continued stable performance of NWEC's core electric and gas utility business, the company's substantially reduced debt burden and improved financial flexibility, the conclusion of NWEC's noncore asset sale program and the expectation that pending regulatory proceedings in Montana will not adversely effect NWEC's earnings and cash flow profile, the agency said.
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