DBRS Morningstar Assigns Ratings of A (low), Stable, to EPCOR Utilities Inc.’s 1.299% $100 Million and 2.899% $300 Million Medium Term Notes

DBRS Limited (DBRS Morningstar) assigned ratings of A (low) with Stable trends to EPCOR Utilities Inc.’s (EPCOR or the Company) 1.299% $100 million Medium Term Notes maturing on May 19, 2023, and 2.899% $300 million Medium Term Notes maturing on May 19, 2050 (together, the Notes). The ratings being assigned are based upon the rating on already-outstanding series of the above-mentioned debt instrument. The Notes settled on May 19, 2020.

The Notes will be direct, unsecured, and unsubordinated obligations of EPCOR and will rank equally (except for sinking funds and statutory preferred exceptions) with all other unsecured and unsubordinated indebtedness of the Company. EPCOR will use the net proceeds for general corporate purposes, including to repay existing indebtedness as well as to finance its capital expenditure program and working capital requirements.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

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 16, 2019) and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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 www.dbrsmorningstar.com or contact us at [email protected].

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577