DBRS Morningstar Assigns Ratings of A (high) with Stable Trends to Hydro One Inc.’s $1.1 Billion Medium-Term Notes Issues

DBRS Limited (DBRS Morningstar) assigned ratings of A (high) with Stable trends to Hydro One Inc.’s (HOI or the Company) $1.1 billion Medium-Term Notes (the Notes) offering, which is composed of $400 million 1.76% (Series 45) due 2025, $400 million 2.16% (Series 46) due 2030, and $300 million 2.71% (Series 47) due 2050. The ratings assigned to the Notes are based on the ratings of other already-outstanding series of the Medium-Term Notes.

DBRS Morningstar notes that the proceeds from the Notes issue will be used to repay long-term and short-term debt and for general corporate purposes. The Notes will be direct, unsecured obligations of HOI and rank pari passu with all other unsecured and unsubordinated indebtedness of the Company.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (September 2019), which can be found on dbrs.com under Methodologies & Criteria.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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