Ontario Power Generation Inc.: Rating Report

On April 11, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Unsecured Debt rating of Ontario Power Generation Inc. (OPG or the Company) at A (low), and the Commercial Paper rating at R-1 (low). All trends are Stable. The ratings of OPG are based on its regulated generation operations in Ontario. The Stable trend reflects the Company's reasonable key credit metrics, given the complex and substantial capital expenditures program, for the current ratings.