DBRS Confirms Brookfield Power Inc. at BBB (high) and R-1 (low)

Dominion Bond Rating Service (DBRS) has today confirmed Brookfield Power Inc.’s (BPI or the Company) Issuer Rating at BBB (high) and Commercial Paper rating at R-1 (low). Brookfield Power Corporation’s (BPC) Unsecured Debentures are also confirmed at BBB (high), with BPC’s rating based upon an unconditional guarantee from BPI. All trends are Stable.

Additionally DBRS is assigning ratings of BBB (high) with Stable trends to BPC’s two prospective unsecured Note issues as follows: $200 million 5.25% Notes, Series 3 due November 5, 2018, and $150 million 5.84% Notes, Series 4 due November 5, 2036. Both are being issued pursuant to BPC’s USD 750 million Short Form Base Shelf Prospectus dated September 28, 2006.

The Series 3 and Series 4 unsecured Notes are unconditionally guaranteed by BPI, and will rank equally with all other unsecured and unsubordinated indebtedness of BPC.

Proceeds will be used to repay $100 million of debt maturing in December 2006, with the remainder for general corporate purposes. Both issues are expected to close November 1, 2006.

Notes:
All figures are in Canadian dollars unless otherwise noted.
The Issuer Rating was previously a Senior Unsecured Note rating when BPI had those securities outstanding.
Issuer ratings apply to all general senior unsecured obligations of the issuer in question.