DBRS Morningstar Notes EPCOR Utilities Inc.’s Commercial Paper Limit Increase

DBRS Limited (DBRS Morningstar) noted that EPCOR Utilities Inc. (EPCOR or the Company; rated A (low) with a Stable trend by DBRS Morningstar) increased the limit on its Commercial Paper (CP) program to $950 million from $600 million. EPCOR’s CP program is backstopped by $950 million of committed revolving credit facilities maturing in 2025 and 2026.

Based on its review, DBRS Morningstar is satisfied that the Company’s revised CP program limit and the credit facilities continue to meet DBRS Morningstar’s requirements with respect to the “DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers.” DBRS Morningstar is of the view that the increase in EPCOR’s CP program limit has no impact on the credit profile of the Company. The current DBRS Morningstar rating on EPCOR’s CP program is R-1 (low) with a Stable trend.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings.

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

The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (September 24, 2021; https://www.dbrsmorningstar.com/research/384922) and DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022; https://www.dbrsmorningstar.com/research/393065), 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 (May 17, 2022; https://www.dbrsmorningstar.com/research/396929).

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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