Fixed-Income Investor Presentation
STRONG LIQUIDITY
NW Natural
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$400 million credit facility
Expires in 2026
Extension for two additional one-year periods
Access to capital markets
Solid credit ratings1
NW Natural Debt to Cap Ratio
(as of March 31, 2023)²
NW Natural Credit Ratings (1)
S&P Global
MOODY'S
AA-
A2
A-1
Stable
P-2
Stable
30
30
1
Equity
49%
LT Debt
48%
ST
Debt
3%
2
The above credit ratings are dependent upon a number of factors, both qualitative and
quantitative, and are subject to change at any time. The disclosure of these credit ratings is
not a recommendation to buy, sell or hold NW Holdings securities. AA- and A2 are secured
debt ratings and A-1 and P-2 are commercial paper ratings
Short-term debt includes current long-term debt maturities
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