DBRS Finalizes Provisional Rating on Capital Power Corporation at BBB, Stable Trend

DBRS Limited (DBRS) has today finalized its provisional rating of BBB with a Stable trend on Capital Power Corporation’s (CPC or the Company) issuance of Senior Unsecured Debt. This long-term rating applies to the medium-term notes (MTNs) that are guaranteed by Capital Power L.P. (CPLP; rated BBB by DBRS).

CPC exchanged the following MTNs of CPLP for an equal principal amount of the newly issued Senior Unsecured Debt of CPC with financial and other terms that are the same as those attached to the MTNs of CPLP (this note exchange transaction was completed on December 17, 2015).

$300,000,000 5.276% Series 1 Notes maturing November 16, 2020
$250,000,000 4.850% Series 3 Notes maturing February 21, 2019

With the guarantee, CPC’s Senior Unsecured Debt rating carries the same rating that DBRS has assigned to the existing CPLP’s Senior Unsecured Debt.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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

The applicable methodologies are Rating Companies in the Independent Power Producer Industry, DBRS Criteria: Guarantees and Other Forms of Explicit Support, DBRS Criteria: Rating Holding Companies and Their Subsidiaries and DBRS Criteria: Preferred Share and Hybrid Criteria for Corporate Issuers, which can be found on our website under Methodologies.