DBRS Assigns Rating of Pfd-2 (low) to Fortis Inc.’s Series M First Preference Shares

DBRS has today assigned a rating of Pfd-2 (low), Under Review with Developing Implications, to Fortis Inc.’s (Fortis or the Company) issuance of $600 million Cumulative Redeemable Fixed Rate Reset First Preference Shares, Series M (the Series M First Preference Shares).

The Series M First Preferrence Shares will be issued under the Short Form Prospectus dated September 11, 2014 (Short Form Prospectus).

The Series M First Preference Shares will rank on parity with First Preference Shares of all other series and in priority to the common shares to the payment of dividends and the distribution of assets on dissolution, liquidation or winding-up.

The net proceeds to the Company from the offering of the Series M First Preferrence Shares will be used to repay a portion of the borrowings under the Acquisition Credit Facilities as defined under the Short Form Prospectus.

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

The applicable methodology is Rating Companies in the Regulated Electric and Natural Gas and Water Utilities Industry (January 2014), which can be found on our website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.