DBRS Confirms Borealis Infrastructure Trust at “A”

DBRS has today confirmed the rating of the Borealis-Enersource Series Bonds (the Enersource Bonds) issued by Borealis Infrastructure Trust (the Trust) at “A”; the trend is stable. The Trust is designed for financing infrastructure projects. Each infrastructure project is funded through a separate series of bonds. The rating for the $290 million Enersource Bonds is based on a flow-through of the loan provided to Enersource Corporation (Enersource).

Enersource is a holding company that owns Enersource Hydro Mississauga Inc., a regulated electricity distribution company, and Enersource Services Inc., an unregulated company. Enersource is 90% owned by the City of Mississauga and 10% owned by BPC Energy Corporation, a subsidiary of Ontario Municipal Employees Retirement System. Enersource is rated “A” by DBRS. For details on Enersource, see the DBRS report dated October 31, 2008. Consequently, the rating of the Enersource Bonds is a flow-through of the rating of Enersource and any change in the rating of Enersource will change the rating of the Enersource Bonds.

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