Kingston Solar LP: Rating Report

On October 16, 2019, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Series 1A and Series 1B Senior Secured Notes (together, the Notes) ratings of Kingston Solar LP (ProjectCo) at BBB with Stable trends. ProjectCo is a special-purpose vehicle (SPV) that owns and operates a 100-megawatt (MW) alternating-current (ac) ground-mounted solar-photovoltaic (PV) generation facility (the Facility) in the City of Kingston and Loyalist Township, Ontario. The rating confirmations reflect ProjectCo’s relatively stable performance over the past few years and its resilience to unexpected outage events over the past few months. The Stable trends reflect DBRS Morningstar’s view that ProjectCo will likely perform as expected, as the outage events are considered one time in nature.