Fortis Inc.: Rating Report

On May 1, 2018, DBRS Limited (DBRS) confirmed the ratings
of Fortis Inc. (Fortis or the Company. All trends are Stable.
The confirmations reflect (1) the successful integration of ITC
Holdings Corp. and its subsidiaries (ITC) since the acquisition
in October 2016 (the ITC Acquisition); (2) the Company’s strong
business risk profile as approximately 95% of EBITDA (97% of
assets) were generated from regulated utilities; and (3) an improvement
of consolidated and non-consolidated credit metrics.
The ratings take into account Fortis’s structural subordination
and mitigation factors such as the diversification of cash flow.