DBRS Rates Toronto Hydro Issue of $300 Million 3.54% Senior Unsecured Debentures at A (high)

DBRS has today assigned a rating of A (high), with a Stable trend, to the $300 million of 3.54% senior unsecured Series 7 debentures (the Debentures) of Toronto Hydro Corporation (Toronto Hydro). The Debentures are expected to settle November 18, 2011, and will mature on November 18, 2021. The Debentures will rank equally with all of Toronto Hydro’s other unsecured and unsubordinated indebtedness. The Debentures will be issued pursuant to Pricing Supplement No. 1, dated November 15, 2011, to a short-form base shelf prospectus dated December 9, 2010, as amended by Amendment No. 1, dated November 10, 2011.

Proceeds from the issue will be used to repay Toronto Hydro’s outstanding $245.1 million Series 4 debentures, which mature on December 30, 2011, and the balance will be used for general corporate purposes.

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

The applicable methodology is Rating Companies in the North American Energy Utilities (Electric and Natural Gas) Industry, which can be found on the DBRS website under Methodologies.