Moody's ups Otter Tail notes to Baa3

Moody's Investors Service said it upgraded the senior unsecured rating of Otter Tail Corp. to Baa3 from Ba1, including its 9% $100 million senior unsecured notes due Dec. 15, 2016.

The outlook is stable.

Concurrently, Moody's affirmed the A3 issuer rating of its subsidiary, Otter Tail Power Co., as well as the A3 rating on its pollution control refunding revenue bonds, but changed its outlook to negative from stable.

"The upgrade of Otter Tail's rating considers management's changed strategy to realign the group's non-electric operations which has resulted in the divestiture of several of the group's unregulated subsidiaries during 2011 and 2012, including its wind tower construction division, DMI Industries," Moody's assistant vice president Natividad Martel said in a news release.

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