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Article: Fitch Rates Black Hills Power First Mortgage Bonds 'A-'; Outlook Stable.
- Article from:
- Investment Weekly News
- Article date:
- November 7, 2009
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Fitch Ratings has assigned an 'A-' rating to the proposed $180 million first mortgage bond (FMB) issuance by Black Hills Power, Inc. (Issuer Default Rating [IDR] 'BBB', Stable Outlook). Bond proceeds will be used for general corporate purposes including FMB debt maturities in 2010 and completion of the 75% owned 110MW coal fired Wygen III power plant. Black Hills Power (BHP) is a wholly owned subsidiary of Black Hills Corp. (IDR 'BBB', Stable Outlook).
The ratings are supported by the low risk nature of the utility operations, its low cost generation fleet with low fuel price risk, and a constructive regulatory environment in its three-state service territory of ...