Press Release

DBRS Morningstar Assigns Rating of A (low), Stable Trend, to Enwave Energy Corporation’s CAD 80 Million 3.340% Series D Senior Secured Notes

Utilities & Independent Power
June 15, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of A (low) with a Stable trend to Enwave Energy Corporation’s (Enwave) CAD 80 million 3.340% Series D Senior Secured Notes due June 15, 2050 (Series D Notes). The rating being assigned is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar notes that the Series D Notes are secured on a pari passu basis with Enwave’s Series A Notes, Series B Notes, and Series C Notes and any other pari passu debt that is subject to the intercreditor and collateral agency agreement.

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 methodology is Rating Companies in the Independent Power Producer Industry (May 19, 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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