Brookfield Renewable Partners L.P. and Subsidiaries: Rating Report

On May 26, 2021, DBRS Limited (DBRS Morningstar) confirmed its ratings on Brookfield Renewable Partners L.P. (BEP or the Company) and its subsidiaries Brookfield Renewable Partners ULC (BEP ULC), Brookfield Renewable Power Preferred Equity Inc. (BEP Equity), and Brookfield BRP Holdings (Canada) Inc. (BRPHC). The Senior Unsecured Debentures and Notes (the Senior Notes) issued by BEP ULC, the Class A Preference Shares (the Preferred Shares) issued by BEP Equity, and the Subordinated Notes issued by BRPHC are unconditionally and irrevocably guaranteed by BEP. The confirmations reflect BEP’s solid and stable business risk profile and strong nonconsolidated credit metrics in 2020 and for the last 12 months ended March 31, 2021 (LTM 2021), and DBRS Morningstar's expectation that BEP's credit profile will remain stable over the medium term.