DBRS Assigns “A” Rating to Newfoundland Power’s New Issue

DBRS has today assigned a rating of “A” with a Stable trend to Newfoundland Power Inc.’s (Newfoundland Power) issuance of $70 million 4.805% Series AN First Mortgage Sinking Fund Bonds (Series AN Bonds), maturing November 9, 2043. The Series AN Bonds settled on November 8, 2013.

The Series AN Bonds will rank pari passu with all bonds issued and to be issued under the Deed of Trust and Mortgage dated as of September 15, 1966, and Deeds Supplemental thereto.

Net proceeds from the sale of the Series AN Bonds will be used to reduce short-term bank indebtedness incurred principally to fund capital expenditures and 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), which can be found on the DBRS website under Methodologies.