New York, July 14, 2015 -- Moody's Investors Service ("Moody's") affirmed the ratings of Black Hills Corporation (Black Hills, Baa1senior unsecured) and changed the outlook to negative. Moody's affirmed the ratings of Black Hills Power (A3 senior unsecured) and SourceGas LLC (SourceGas, Baa2). The outlooks are stable. The rating actions follow yesterday's announcement that Black Hills will acquire SourceGas Holdings LLC (not rated) for $1.89 billion. The transaction will be funded with a balanced mix of debt, equity and equity-like instruments. The financing plan includes an issuance of debt ranging from $450 million to $550 million and equity and equity-like instruments together ranging from $575 million to $675 million. With this transaction, Black Hills will assume and refinance approximately $720 million of outstanding debt at SourceGas.

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