DBRS Assigns Rating of “A” with a Stable Trend to Newfoundland Power Inc.’s $75 Million First Mortgage Sinking Fund Bonds

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to Newfoundland Power Inc.’s $75 million 3.815% Series AP First Mortgage Sinking Fund Bonds (Series AP Bonds), maturing June 1, 2057. The Series AP Bonds settled on June 2, 2017.

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

Net proceeds from the sale of the Series AP 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 principal methodology is Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (October 2016), which can be found on dbrs.com under Methodologies.

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