DBRS Confirms Borealis Infrastructure Trust at “A”, Trend Stable

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 (see the DBRS report on Enersource published today). Consequently, the rating of the Enersource Bonds is a flow-through of the rating of Enersource and any change to the rating of Enersource will result in a change to the rating of the Enersource Bonds.

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

The applicable methodology is Rating Utilities (Electric, Pipelines & Gas Distribution), which can be found on our website under Methodologies.

This is a Corporate (Utilities & Independent Power) rating.