Press Release

DBRS Morningstar Assigns Rating of BBB With a Stable Trend to Algonquin Power Co.’s $400 Million 2.85% Senior Unsecured Debentures

Utilities & Independent Power
April 12, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Algonquin Power Co.’s (Liberty Power) $400 million 2.85% Senior Unsecured Debentures (the Debentures). The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument. The Debentures will rank in equal priority and pari passu with each other.

Liberty Power intends to use net proceeds for repayment of its credit facilities and financing of its renewable projects.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

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

The principal methodologies are Rating Companies in the Independent Power Producer Industry (May 19, 2020; https://www.dbrsmorningstar.com/research/361185) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020; https://www.dbrsmorningstar.com/research/369167), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021; https://www.dbrsmorningstar.com/research/357792).

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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