DBRS Assigns Rating of BBB (low), Stable, to Algonquin Power Co. Senior Unsecured Debentures

DBRS Limited has today assigned a rating of BBB (low) with a Stable trend to the $200 million 4.65% Senior Unsecured Debentures (the Debentures) issued by Algonquin Power Co. (APCo). The maturity date is February 15, 2022.

The Debentures will rank equally and pari passu with all other present and future unsubordinated and unsecured indebtedness of APCo. The proceeds of the offering will be used towards financing the acquisition of the remaining 40% managing ownership interest in three of its wind farms in the United States that are currently held by a third party, to reduce amounts outstanding on project debt related to its Shady Oaks wind farm, to reduce amounts outstanding under APCo’s bank credit facility and for general corporate purposes.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Companies in the Non-Regulated Electric Generation Industry (January 2014), which can be found on our website under Methodologies.