DBRS Assigns Rating to Hydro Ottawa Holding Inc.’s New Issues at “A,” Stable Trend

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to the $200 million 2.614% Senior Unsecured Debentures, Series 2015-1 and $175 million 3.639% Senior Unsecured Debentures, Series 2015-2 (collectively, the Debentures) of Hydro Ottawa Holding Inc. (Hydro Ottawa or the Company), maturing on February 3, 2025, and February 2, 2045, respectively. The transaction settled on February 2, 2015.

The Debentures are direct senior unsecured obligations of Hydro Ottawa and will rank equally with all of the Company’s other senior unsecured obligations. The net proceeds from the Debentures are expected to be used by Hydro Ottawa to refinance existing indebtedness, including the Company’s $200 million Series 2005-1 Debentures due February 9, 2015, and indebtedness under its credit facilities, and for general corporate purposes, including capital expenditure requirements.

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

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

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

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