DBRS Comments on EPCOR Utilities Inc.’s Commercial Paper Limit Increase

DBRS Limited (DBRS) notes that EPCOR Utilities Inc. (EPCOR or the Company; rated A (low) with a Stable trend by DBRS) has increased the limit on its Commercial Paper (CP) program to $600 million from $350 million. EPCOR’s CP program is backstopped by a $600 million committed bank credit facility maturing in November 2023 (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 “DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers.” DBRS is of the view that the increase in EPCOR’s CP program limit has no impact on the credit profile of the Company. The current DBRS rating on EPCOR’s CP program is R-1 (low) with a Stable trend.

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 this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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