NorthWestern Corporation: Update to credit analysis
Our credit view of this issuer reflects its historically stable and predictable cash flow production, against its high capex.Northwestern provides electricity and/or natural gas to customers in Montana, South Dakota and Nebraska. The company's segments are: electric operations; and natural gas operations. In Montana, the company's regulated electric utility business includes generation, transmission and distribution. The company also transmits electricity for nonregulated entities owning generation, and utilities, cooperatives, and power marketers serving the electricity market. The company's regulated natural gas utility business includes production, storage, transmission and distribution. The company transmits natural gas from production receipt points and storage facilities to distribution points and other nonaffiliated transmission systems.
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