Moody’s changes Allete to negative

Moody's Investors Service said it affirmed the ratings of Allete, Inc., including its A3 senior unsecured and issuer rating and Prime-2 short-term rating for commercial paper, and subsidiary Superior Water, Light and Power Co., including its A3 senior unsecured rating.

The outlooks were changed to negative from stable.

"The negative outlook results from our expectation that Allete's financial ratios will weaken following the adverse general rate case outcome at the company's primary business, Minnesota Power, as well as the negative cash flow impact associated with federal tax reform,” Moody’s assistant vice president, analyst Lesley Ritter said in a news release.

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