Press Release

DBRS Morningstar Assigns Rating of A (low) With Stable Trend to Ontario Power Generation Inc.’s $500 Million Series 9 Medium-Term Notes

Utilities & Independent Power
February 05, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of A (low) with a Stable trend to Ontario Power Generation Inc.’s (OPG or the Company; rated A (low) with a Stable trend by DBRS Morningstar) $500 million 2.947% Series 9 Medium-Term Notes maturing February 21, 2051 (the Series 9 Notes). DBRS Morningstar based the Series 9 Notes rating on its rating of the already-outstanding series of the above-mentioned debt instruments.

The Series 9 Notes are direct unsecured obligations of OPG and rank equally and pari passu with all other medium-term notes issued and outstanding 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 as to 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 9 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 (October 27, 2020), DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 14, 2021), 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:

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 or contact us at [email protected].

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