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Otter Tail Corporation’s (OTTR) ratings reflect predictable earnings and cash flows from the company’s predominantly regulated operations and strong performance at its manufacturing businesses. ���������ֳ� rates OTTR one notch below its regulated utility subsidiary, Otter Tail Power Company (OTP; BBB/Stable), due to the risks inherent in its diversified business portfolio. OTTR’s Issuer Default Rating (IDR) of ‘BBB–’ takes into consideration the company’s business mix, including a small regulated electric utility serving a rural service territory, and two relatively small manufacturing industrial business segments that operate in fragmented, competitive markets.