Press Release

DBRS Morningstar Assigns Ratings of A (low) with Stable Trends to Ontario Power Generation Inc.’s $400 Million Series 6 and $800 Million Series 7 Medium-Term Notes

Utilities & Independent Power
April 09, 2020

DBRS Limited (DBRS Morningstar) assigned ratings of A (low) with Stable trends to Ontario Power Generation Inc.’s (OPG or the Company; rated A (low) with a Stable trend by DBRS Morningstar) $400 million 2.893% Series 6 Medium-Term Notes maturing April 8, 2025, and $800 million 3.215% Series 7 Medium-Term Notes maturing April 8, 2030 (together, the Series 6 and 7 Notes). The ratings assigned are based upon the rating on already-outstanding series of the above-mentioned debt instruments.

The Series 6 and 7 Notes are direct unsecured obligations of OPG and rank equally and pari passu with all other medium-term notes issued and outstanding from time to time under the Trust Indenture (regardless of their actual dates or terms of issue) and with all other present and future unsubordinated and unsecured indebtedness of the Company. Proceeds from the Series 6 and 7 Notes will be used to finance or refinance, in part or in full, new and/or existing Eligible Projects as defined in the OPG Green Bond Framework.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at:

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 2019) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 2020), which can be found on under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit or contact us at [email protected].

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