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S&P affirms Otter Tail at BBB-, rates notes BB+
Standard & Poor's said it affirmed its BBB- corporate credit rating on Otter Tail Corp., assigned a BBB- corporate credit rating to utility division Otter Tail Power Co., which will become a subsidiary, and assigned a BB+ rating to Otter Tail's $50 million senior unsecured notes due 2017.
The outlook is stable.
The agency said the notching of the notes below the corporate credit rating reflects structural subordination due to the significant amount of debt at the utility subsidiary.
The stable outlook reflects expectations that the company's regulated utility operations will continue to account for a material portion of the company's consolidated cash flows, S&P said.
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