DBRS Assigns Rating of A (high) with a Stable Trend to Hydro One Inc.’s $1.5 Billion Medium Term Notes Issue

DBRS Limited (DBRS) assigned a rating of A (high) with a Stable trend to Hydro One Inc.’s (HOI or the Company) $1.5 billion Medium Term Notes offering (the Notes) composed of $700 million 2.54% (Series 42) due 2024, $550 million 3.02% (Series 43) due 2029 and $250 million 3.64% (Series 44) due 2050. The ratings being assigned are based upon the rating on already-outstanding series of the above-mentioned debt instruments.

DBRS notes that the proceeds from the Notes issue will be used to repay short-term debt and for general corporate purposes.

The Notes will be direct unsecured obligations of HOI and rank pari passu with all other unsecured and unsubordinated indebtedness of the Company.

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.

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.

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