DBRS Assigns Issuer Ratings to 24 Project Finance Transactions

DBRS Limited (DBRS) assigned Issuer Ratings to 24 project finance transactions following the implementation of its updated “Rating Project Finance,” “Rating Solar Power Projects” and “Rating Wind Power Projects” methodologies published on October 17, 2018. The Issuer Ratings are equal to the ratings on the most senior tranche of debt.

Issuer Ratings have been assigned to the following entities:

-- Arrow Lakes Power Corporation at A (high), Stable
-- Brilliant Power Corporation at A (high), Stable
-- Brookfield Renewable Kwagis Holding Inc. at A (low), Negative
-- Clover Limited Partnership at BBB, Stable
-- Comber Wind Financial Corporation at BBB, Stable
-- Cory Cogeneration Funding Corporation at BBB (high), Stable
-- Dufferin Wind Power Inc. at BBB (high), Stable
-- First Nations ETF Limited Partnership at BBB (high), Stable
-- Grand Renewable Solar LP at BBB, Stable
-- H2O Power Limited Partnership at A (low), Stable
-- Kingston Solar LP at BBB, Stable
-- Lièvre Power Financing Corporation at BBB (low), Stable
-- Melancthon Wolfe Wind LP at BBB, Stable
-- Mississagi Power Trust at A (low), Stable
-- North Battleford Power L.P. at A (low), Stable
-- North West Redwater Partnership at A (low), Stable
-- Northland Power Solar Finance One L.P. at A (low), Stable
-- Northwestern Hydro Acquisition Co Inc. at A (low), Stable
-- PSS Generating Station LP (New Post Creek) at A (low), Stable
-- Spy Hill Power L.P. at “A,” Stable
-- St. Clair Holding, ULC at BBB, Stable
-- TransAlta OCP LP at BBB, Stable
-- Trillium Windpower, LP at BBB, Stable
-- TS Energy Italy S.p.A.* at BBB (low), Stable

DBRS did not assign Issuer Ratings to project finance transactions that are guaranteed by a third party and for which the rating on the third party flows through to the project finance transaction for the entire life of the transaction.

Notes:
The principal methodologies are Rating Project Finance, Rating Solar Power Projects, Rating Wind Power Projects and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries, which can be found on dbrs.com under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

• The rating on TS Energy Italy S.p.A. is endorsed by DBRS Ratings Limited for use in the European Union.

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