DBRS Assigns Rating of Pfd-2 (high) to Canadian Utilities Ltd. Preferred Share Issue

DBRS has today assigned a rating of Pfd-2 (high) with a Stable trend to Canadian Utilities Limited’s (the Company) $150 million Cumulative Redeemable Second Preferred Shares Series AA (the Preferreds). The Preferreds will distribute fixed cumulative preferential cash dividends of $1.225 per share per annum. The Preferreds are redeemable by the Company on and after September 1, 2017, in whole at any time or in part on occasion. The Preferreds were issued under the Prospectus Supplement dated May 31, 2012, to the Short Form Base Shelf Prospectus dated September 12, 2011, and settled June 18, 2012.

The Preferreds rank on parity with the existing preferred shares and will rank on parity with any future series of Second Preferred Shares of Canadian Utilities Limited. Net proceeds from the offering will be used to redeem the outstanding Cumulative Redeemable Second Preferred Shares Series X.

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

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