Fair Hydro Trust, Series 2018-1: Presale Report

DBRS Limited (DBRS) assigned provisional ratings to the following notes to be issued by Fair Hydro Trust (the Trust):

-- *% Senior Notes due May 15, 2033, Series 2018-1 (the 2018-1 Senior Notes) rated AAA (sf)
-- *% Subordinated Notes due May 15, 2033, Series 2018-1 (the 2018-1 Subordinated Notes) rated AA (sf)
-- *% Junior Subordinated Notes due May 15, 2033, Series 2018-1 (together with the 2018-1 Senior Notes and the 2018-1 Subordinated Notes, the 2018-1 Notes) rated A (sf)

The 2018-1 Notes will be supported by an Investment Interest that is an irrevocable property right consisting of the right to impose, invoice, collect, receive and recover the Clean Energy Adjustment (the CEA) from Specified Consumers in accordance with the Ontario Fair Hydro Plan Act, 2017 (the FHPA) and the regulations promulgated under the FHPA (the Regulations).