Press Release

DBRS Morningstar Assigns Rating of A (low) with Stable Trends to Ontario Power Generation Inc.’s $400 Million Series 8 Medium-Term Notes

Utilities & Independent Power
October 22, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of A (low) with Stable trend to Ontario Power Generation Inc.’s (OPG or the Company; rated A (low) with a Stable trend by DBRS Morningstar) $400 million 1.17% Series 8 Medium-Term Notes maturing April 22, 2026 (the Series 8 Notes). The rating assigned is based upon the rating on already-outstanding series of the above-mentioned debt instruments.

The Series 8 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, subject to statutory preferred exceptions, with all other present and future unsubordinated and unsecured indebtedness of the Company (except any sinking fund provisions applicable to different series of medium-term notes and other types of obligations of the Company). OPG will use proceeds from the Series 8 Notes for the repayment of existing indebtedness, working capital requirements, and 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:

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), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), which can be found on under Methodologies & Criteria.

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].

DBRS Limited
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