DBRS Notes Hydro One Inc.'s Commercial Paper Limit Increase

DBRS Limited (DBRS) notes that Hydro One Inc. (HOI) has increased the limit on its Commercial Paper (CP) program to $2.3 billion from $1.5 billion. HOI’s CP program is backstopped by a $2.3 billion revolving credit facility maturing in June 2022 (the Credit Facility).

Based on its review, DBRS is satisfied that the Company’s revised CP program limit and the Credit Facility continue to meet DBRS’s requirements with respect to the “DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers.” DBRS is of the view that the increase in HOI’s CP program limit has no impact on the credit profile of HOI. The current DBRS rating on HOI’s CP program is R-1 (low) with a Stable trend.

DBRS notes that the above press release was amended on April 4, 2019, to correct the disclosure notes. The amendment was minor and would not impact the understanding of the reader.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (September 2018) and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (March 2019), which can be found on dbrs.com under Methodologies & Criteria.

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

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