DBRS Comments on Cory Cogeneration Funding Corporation’s Change of Control

DBRS Limited (DBRS) notes that, effective July 12, 2019, Cory Cogeneration Funding Corporation (the Issuer) underwent a change of control (COC). The Issuer is a single-purpose financing entity for Cory Cogeneration Station (the Station), a 228-megawatt natural gas-fired cogeneration facility near Saskatoon, Saskatchewan. Pursuant to the COC, SaskPower International Inc. (SPI), a wholly owned subsidiary of Saskatchewan Power Corporation (rated AA with a Stable trend by DBRS), will now own a 100% interest in the Issuer and the Station, which were previously 50% owned by SPI and 50% owned by ATCO Power Canada Ltd. DBRS expects no change in the Station’s operational and financial performance as a result of the COC. DBRS also views the COC as having no credit impact on the Issuer Rating or the ratings on the 7.586% Senior Secured Project Bonds, Series A and the 7.601% Senior Secured Project Bonds, Series B (all rated BBB (high) with a Stable trend by DBRS) issued by the Issuer; however, DBRS acknowledges the improved ownership credit profile post-COC.

Notes:
The principal methodology is Rating Project Finance, which can be found on dbrs.com under Methodologies & Criteria.

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