Arrow Lakes Power Corporation: Rating Report

On April 27, 2018, DBRS Limited (DBRS) confirmed its rating on
the secured Series B Bonds (the Bonds) of Arrow Lakes Power
Corporation (ALPC or the Company) at A (high) with a Stable
trend. The 5.516% $350 million Bonds will be fully amortized by
the maturity date of April 5, 2041, four years before the expiry
of the Electricity Purchase Agreement (EPA). ALPC is a singlepurpose
entity that owns and operates a 185-megawatt (MW) hydroelectric
power station and associated transmission line (the
Project). The Company is a tax-exempt Crown corporation indirectly
owned by the Province of British Columbia (the Province;
rated AA (high) by DBRS).