Manitoba Hydro-Electric Board, The: Rating Report

DBRS Limited (DBRS) updated its report on the Manitoba Hydro-Electric Board (Manitoba Hydro or the Utility). The ratings assigned to the Utility’s Long-Term Obligations and Short-Term Obligations are a flow-through of the ratings of the Province of Manitoba (the Province; rated A (high) and R-1 (middle) with Stable trends by DBRS). Pursuant to “The Manitoba Hydro Act,” the Province unconditionally guarantees almost all of Manitoba Hydro’s outstanding third-party debt. Please see the “DBRS Criteria: Guarantees and Other Forms of Support” methodology for further details. The Province also provides most of the Utility’s financing through provincial advances (approximately 99% of total debt as at March 31, 2017). DBRS considers Manitoba Hydro to be self-supporting, as it is currently able to fund its own operations and service debt obligations.