DBRS Morningstar Finalizes Provisional Rating on Hydro One Limited’s Senior Unsecured Debentures at “A,” Stable Trend

DBRS Limited (DBRS Morningstar) finalized its provisional rating on Hydro One Limited’s (HOL or the Company) $425 million Senior Unsecured Debentures (the Debentures) at “A” with a Stable trend. Please refer to DBRS Morningstar’s press release dated September 21, 2020, for further details.

The Debentures settled on October 15, 2020. The Debentures are direct, unsecured obligations of HOL, ranking pari passu with all other unsecured and unsubordinated indebtedness of the Company. HOL will use the net proceeds to fund the redemption on November 20, 2020, of the 16,720,000 issued and outstanding Series 1 Preferred Shares of the Company and for general corporate purposes.

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 methodology is 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.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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