Black Hills Corporation Credit Ratings

Entity - Ultimate Parent

Black Hills Corporation

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

01Ratings

Rating	Action	Date	Type
WD	Withdrawn	17-Jan-2025	Short Term Issuer Default Rating
WD	Withdrawn	17-Jan-2025	Long Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Short Term Issuer Default Rating
Long Term Issuer Default Rating

Date :

17-Jan-2025

26-Jan-2024

03-Feb-2023

06-Oct-2022

18-Oct-2021

17-Sep-2021

15-Oct-2020

21-Aug-2020

29-Aug-2019

17-Apr-2019

11-Oct-2018

18-Oct-2017

29-Mar-2017

27-Sep-2016

12-Feb-2016

13-Jul-2015

12-Jun-2015

01-Oct-2014

13-Jun-2014

07-Apr-2014

10-May-2013

15-May-2012

17-May-2011

05-Oct-2010

09-Sep-2009

15-Jul-2008

Rating :

Action :

Withdrawn

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Rating Watch On

Affirmed

Upgrade

Affirmed

Downgrade

Affirmed

New Rating

02Rating Actions

Rating Action Commentary / Fri 17 Jan, 2025

��ֳ� Affirms and Withdraws 'BBB+' IDRs of Black Hills and Black Hills Power

Rating Action Commentary / Mon 13 May, 2024

��ֳ� Rates Black Hills Corp.'s Sr. Unsecured Notes 'BBB+'

Rating Action Commentary / Fri 26 Jan, 2024

��ֳ� Affirms Black Hills Corp and Black Hills Power; Revises Black Hills Corp's Outlook to Negative

Rating Action Commentary / Wed 06 Sep, 2023

��ֳ� Rates Black Hills Corp.'s Sr. Unsecured Notes 'BBB+'

Rating Action Commentary / Thu 02 Mar, 2023

��ֳ� Rates Black Hills Corp.'s $350 Million Sr. Unsecured Notes 'BBB+'

Rating Action Commentary / Thu 06 Oct, 2022

��ֳ� Affirms Black Hills Corp. and Black Hills Power at 'BBB+'; Outlooks Stable

Rating Action Commentary / Fri 17 Sep, 2021

��ֳ� Affirms Black Hills Corp. and Black Hills Power at 'BBB+'; Outlooks Stable

Rating Action Commentary / Mon 23 Aug, 2021

��ֳ� Rates Black Hills Corp.'s $600 Million Sr. Unsecured Notes 'BBB+'

Rating Action Commentary / Fri 21 Aug, 2020

��ֳ� Affirms Black Hills Corp. and Black Hills Power at 'BBB+'; Outlooks Stable

Rating Action Commentary / Fri 12 Jun, 2020

��ֳ� Rates Black Hills Corp.'s $400MM Sr. Unsecured Notes 'BBB+'; Outlook Stable

Rating Action Commentary / Thu 26 Sep, 2019

��ֳ� Rates Black Hills Corp.'s $700MM Senior Unsecured Debt 'BBB+'; Outlook Stable

Rating Action Commentary / Thu 29 Aug, 2019

��ֳ� Affirms Black Hills Corp. and Black Hills Power at 'BBB+'

Rating Action Commentary / Thu 11 Oct, 2018

��ֳ� Affirms Black Hills Corp. and Black Hills Power at 'BBB+'

Rating Action Commentary / Tue 14 Aug, 2018

��ֳ� Rates Black Hills Corp.'s $400MM Senior Unsecured Debt 'BBB+'; Outlook Stable

Rating Action Commentary / Wed 29 Mar, 2017

��ֳ� Affirms Black Hills Corp. and Black Hills Power, Inc. at 'BBB+'; BKH Outlook Revised to Stable

Rating Action Commentary / Thu 22 Dec, 2016

��ֳ� Rates Black Hills' Commercial Paper Program 'F2'

Rating Action Commentary / Wed 10 Aug, 2016

��ֳ� Rates Black Hill Corp.'s Unsecured Notes 'BBB+'

Rating Action Commentary / Fri 12 Feb, 2016

��ֳ� Affirms Black Hills Ratings at 'BBB+'; Upgrades SourceGas to 'BBB'

Rating Action Commentary / Thu 14 Jan, 2016

��ֳ� Rates Black Hills' Senior Notes 'BBB+'; IDR Remains on Negative Watch

Rating Action Commentary / Tue 17 Nov, 2015

��ֳ� Rates Black Hills' Jr. Subordinated Notes 'BBB-'; IDR Remains on Negative Watch

Rating Action Commentary / Mon 13 Jul, 2015

��ֳ� Places Black Hills Corp. on Rating Watch Negative on Source Gas Acquisition

Rating Action Commentary / Fri 12 Jun, 2015

��ֳ� Affirms Black Hills Corp. and Black Hills Power, Inc. at 'BBB+'; Outlook Stable

Rating Action Commentary / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Commentary / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Fri 13 Jun, 2014

��ֳ� Upgrades Black Hills Corp's IDRs to 'BBB+'; Outlook Stable

Rating Action Commentary / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Tue 19 Nov, 2013

��ֳ� Rates Black Hills Corporation's $500MM Sr. Unsecured Notes 'BBB'; Outlook Positive

Rating Action Commentary / Fri 10 May, 2013

��ֳ� Upgrades Black Hills Corp to 'BBB'; Outlook Positive

Rating Action Commentary / Tue 15 May, 2012

��ֳ� Affirms Ratings on Black Hills Corp. and Black Hills Power; Outlook Stable

Rating Action Commentary / Tue 17 May, 2011

��ֳ� Downgrades Ratings of Black Hills Corp. to 'BBB-'; Affirms Black Hills Power, Inc. at 'BBB'

Rating Action Commentary / Tue 05 Oct, 2010

��ֳ� Affirms Ratings of Black Hills Corp. and Black Hills Power, Inc.

Rating Action Commentary / Wed 14 Jul, 2010

��ֳ� Rates Black Hills Corp.'s Senior Notes 'BBB'

Rating Action Commentary / Thu 22 Oct, 2009

��ֳ� Rates Black Hills Power First Mortgage Bonds 'A-'; Outlook Stable

Rating Action Commentary / Wed 09 Sep, 2009

��ֳ� Affirms Ratings of Black Hills Corp. and Black Hills Power, Inc.

Rating Action Commentary / Tue 12 May, 2009

��ֳ� Rates Black Hills Corp.'s $250MM 9% Senior Unsecured Notes 'BBB'

Rating Action Commentary / Tue 15 Jul, 2008

��ֳ� Assigns Ratings to Black Hills Corp. & Black Hills Power, Inc.

03Insights

Non-Rating Action Commentary / Thu 19 Dec, 2024

��ֳ� to Withdraw Ratings on Black Hills Corporation and Black Hills Power, Inc.

Special Report / Fri 15 Mar, 2024

4Q23 North American Utilities Earnings Wrap Up Report

Rating Report / Mon 05 Feb, 2024

Black Hills Power, Inc.

Rating Report / Mon 05 Feb, 2024

Black Hills Corporation

Rating Report / Fri 15 Dec, 2023

Black Hills Corporation

Non-Rating Action Commentary / Wed 06 Dec, 2023

Deteriorating Outlook for North American Utilities, Power & Gas in 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Rating Report / Tue 20 Dec, 2022

Black Hills Corporation

Rating Report / Tue 20 Dec, 2022

Black Hills Power, Inc.

Special Report / Fri 14 Jan, 2022

U.S. Corporate M&A (Higher Rated Issuers Willing to Take on More Debt for Acquisitions)

��ֳ� Wire / Fri 14 Jan, 2022

Higher-Rated Issuers Willing to Take on More Debt for Acquisitions

Rating Report / Wed 06 Oct, 2021

Black Hills Corporation

Rating Report / Tue 22 Sep, 2020

Black Hills Corporation

Special Report / Wed 06 Nov, 2019

U.S. Utility Parent Companies Handbook (A Detailed Review of Utility Parent Holding Companies)

Rating Report / Wed 18 Sep, 2019

Black Hills Corporation

Rating Report / Tue 23 Jul, 2019

Black Hills Power, Inc. (Subsidiary of Black Hills Corp.)

Navigator Report / Mon 07 Jan, 2019

Black Hills Power, Inc. - Ratings Navigator

Navigator Report / Mon 07 Jan, 2019

Black Hills Corporation - Ratings Navigator

Rating Report / Thu 18 Oct, 2018

Black Hills Corporation

Rating Report / Thu 19 Jul, 2018

Black Hills Power, Inc. (Subsidiary of Black Hills Corporation)

Rating Report / Wed 04 Oct, 2017

Black Hills Corporation

Navigator Report / Tue 04 Apr, 2017

Black Hills Corp. - Ratings Navigator

Rating Report / Thu 27 Oct, 2016

Black Hills Corp.

Navigator Report / Fri 29 Apr, 2016

Black Hills Corp. - Ratings Navigator

Rating Report / Tue 20 Oct, 2015

Black Hills Corp.

Navigator Report / Tue 15 Sep, 2015

Black Hills Corp. - Ratings Navigator

Navigator Report / Wed 04 Mar, 2015

Black Hills Corp. - Ratings Navigator

Rating Action Report / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Report / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Report / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Power & Gas Companies' Ratings

Rating Report / Wed 30 Oct, 2013

Black Hills Corp.

Rating Report / Wed 30 Oct, 2013

Black Hills Power, Inc.

Rating Report / Mon 12 Nov, 2012

Black Hills Corp.

Rating Report / Mon 03 Oct, 2011

Black Hills Corporation

Rating Report / Fri 19 Nov, 2010

Black Hills Corporation

Rating Report / Tue 26 Aug, 2008

Credit Update: Black Hills Power, Inc. (A Subsidiary of Black Hills Corp.)

Rating Report / Tue 26 Aug, 2008

Credit Analysis: Black Hills Corporation

04Sector Outlooks

Outlook Report / Thu 12 Dec, 2024

U.S. Public power and Electric Cooperatives Outlook

Outlook Report / Fri 08 Dec, 2023

North American Midstream Energy Outlook 2024

Outlook Report / Thu 07 Dec, 2023

U.S. Public Power and Electric Cooperatives Outlook 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Wed 07 Dec, 2022

North American Utilities, Power & Gas Outlook 2023

Outlook Report / Tue 06 Dec, 2022

U.S. Public Power and Electric Cooperatives Outlook 2023

Outlook Report / Fri 17 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Finance

Outlook Report / Tue 07 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Power and Electric Cooperatives

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North American Utilities, Power and Gas

Outlook Report / Wed 06 Jan, 2021

��ֳ� 2021 Outlook Compendium: U.S. Public Finance

Outlook Report / Mon 21 Dec, 2020

��ֳ� 2021 Outlook: U.S. Public Power and Electric Cooperatives -- Amended

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: North American Utilities, Power & Gas

Outlook Report / Fri 03 Jan, 2020

��ֳ� 2020 Outlook: U.S. Public Finance (Outlook Compendium Report)

Outlook Report / Thu 12 Dec, 2019

��ֳ� 2020 Outlook: U.S. Public Power and Electric Cooperatives (Strong Affordability and Deleveraging Support Stable Outlook)

Outlook Report / Wed 04 Dec, 2019

��ֳ� 2020 Outlook: North American Utilities, Power & Gas (Constructive Regulation Supports Recovery in Credit Metrics)

Outlook Report / Mon 28 Jan, 2019

��ֳ� 2019 Outlook: U.S. Corporates (Near-Term Stability amid Global Uncertainty)

Outlook Report / Thu 06 Dec, 2018

��ֳ� 2019 Outlook: U.S. Public Power and Electric Cooperative Sector (Strong Affordability and Favorable Operating Environment Support Stable Outlook)

Outlook Report / Wed 28 Nov, 2018

��ֳ� 2019 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Focus on Deleveraging Supports Stable Outlook)

Outlook Report / Mon 08 Jan, 2018

��ֳ� 2018 Outlook: Global Corporate Overview

Outlook Report / Thu 21 Dec, 2017

��ֳ� 2018 Outlook: U.S. Corporates (Synchronized Global Growth Supports Fundamental Stability)

Outlook Report / Wed 06 Dec, 2017

��ֳ� 2018 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Wed 22 Nov, 2017

��ֳ� 2018 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Low Commodity Costs Support Stable Outlook)

Outlook Report / Thu 15 Dec, 2016

2017 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 12 Dec, 2016

2017 Outlook: U.S. Corporates (Fundamental Stability amid Growth Challenges)

Outlook Report / Tue 29 Nov, 2016

2017 Outlook: U.S. Utilities, Power & Gas (The Rising Undercurrents)

Outlook Report / Wed 13 Jul, 2016

2016 Midyear Outlook: Energy Infrastructure North America (Contracted Revenues Underpin Stable Cash Flows)

Outlook Report / Wed 10 Feb, 2016

2016 Outlook: U.S. Corporates (Fundamental Stability amid Market Volatility)

Outlook Report / Fri 11 Dec, 2015

2016 Outlook: U.S. Utilities, Power and Gas (Glimpse of the Dark Side )

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Tue 23 Jun, 2015

2015 Midyear Outlook: Latin America Infrastructure (Steady Performance in a Slower Growing Region)

Outlook Report / Tue 20 Jan, 2015

2015 Outlook: U.S. Corporates (Solid U.S. Economic Growth Supports Stable Outlooks)

Outlook Report / Tue 16 Dec, 2014

2015 Outlook: U.S. Utilities, Power and Gas (Slow and Steady)

Outlook Report / Wed 10 Dec, 2014

2015 Outlook: U.S. Public Power and Electric Cooperative Sector (Steady as She Goes)

Outlook Report / Tue 04 Feb, 2014

2014 Outlook: U.S. Corporates (Stable Outlook with Improving Trends)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: Utilities, Power, and Gas (Electricity Sales Unplugged)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: U.S. Public Power and Electric Cooperative Sector (Calm Under Pressure)

Outlook Report / Mon 22 Jul, 2013

2013 Midyear Outlook: Latin America Infrastructure

Outlook Report / Mon 08 Jul, 2013

2013 Midyear Outlook: Energy Infrastructure North America

Outlook Report / Fri 07 Dec, 2012

2013 Outlook: Utilities, Power, and Gas

Outlook Report / Thu 06 Dec, 2012

2013 Outlook: U.S. Public Power and Electric Cooperative Sector -- Nothing Shocking

Outlook Report / Wed 18 Jan, 2012

Accounting and Financial Reporting -- 2012 Global Outlook

Outlook Report / Thu 05 Jan, 2012

2012 Outlook: U.S. Corporate Credit

Outlook Report / Thu 22 Dec, 2011

��ֳ� U.S. High Yield Default Insight -- 2012 Outlook

Outlook Report / Fri 16 Dec, 2011

2012 Outlook: Professional U.S. Sports

Outlook Report / Wed 07 Dec, 2011

2012 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 05 Dec, 2011

2012 Outlook: Utilities, Power, and Gas

Outlook Report / Wed 30 Mar, 2011

2011 Outlook: U.S. Public Finance Sector Profiles

Outlook Report / Tue 18 Jan, 2011

2011 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 20 Dec, 2010

2011 Outlook: U.S. Utilities, Power, and Gas

05Securities and Obligations

Issuer: Black Hills Corporation
Debt Level: senior unsecured
Issue: USD 300 mln 3.875% bond/note 15-Oct-2049

17-Jan-2025
WD
Withdrawn
Long Term Rating

Rating History