Fitch affirms Otter Tail

Fitch Ratings said it affirmed the long-term issuer default rating of Otter Tail Corp. at BBB- and the long-term issuer default rating of its regulated electric utility subsidiary, Otter Tail Power Co., at BBB.

The agency also affirmed the short-term issuer default ratings of both entities at F3.

The outlook is stable.

“OTTR's ratings and stable outlook reflect the higher operating risk profile and earnings volatility of its economically sensitive nonregulated business,” Fitch said in a news release.

“Following divestiture of poorly performing businesses over the last couple of years, OTTR's business risk profile has improved and nonregulated activities consist of two segments: manufacturing and plastics.”

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