Investor Presentaiton
ALLETE will maintain its financial discipline
as it executes on its strategy
Financial Discipline in Action
✓ ALLETE companies carry appropriate capital
structures to support consolidated investment grade
credit ratings
✓ Maintain a solid investment grade credit rating
✓ 60-65% dividend payout ratio
✓ Business segments must achieve their targeted rates
of return and support the dividend
Credit Ratings
S&P Global
Ratings
Moody's
BBB*
Baa1
A-2
P-2
(a)
A2
Issuer Credit Rating
Commercial Paper
First Mortgage Bonds
(a) Not rated by S&P Global Ratings
*On April 22, 2020, S&P downgraded the long-term ratings from ALLETE from BBB+ to BBB
Debt to Capital Ratio
41%
2019
Regulated, contracted or recurring revenues are consistent
with our risk profile and business investment thesis
29
38%
Projected 2020
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