DBRS Morningstar Assigns Ratings of A (low), Stable, to EPCOR Utilities Inc.’s $500 Million Medium Term Notes Issuances

DBRS Limited (DBRS Morningstar) assigned ratings of A (low) to EPCOR Utilities Inc.’s (EPCOR or the Company) 0.982% $100 million Medium Term Notes maturing on June 28, 2024, 2.411% $200 million Medium Term Notes maturing on June 30, 2031, and 3.287% $200 million Medium Term Notes maturing on June 28, 2051 (together, the Notes). The trends are Stable. The assigned ratings are based upon the rating on already-outstanding series of the above-mentioned debt instrument. The Notes settled on June 28, 2021.

The Notes will be direct, unsecured, and unsubordinated obligations of EPCOR and will rank equally (except for sinking funds and statutory preferred exceptions) with all other unsecured and unsubordinated indebtedness of the Company. EPCOR will use the net proceeds for general corporate purposes, including to repay existing indebtedness as well as to finance its capital expenditure program and working capital requirements.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (October 27, 2020; https://www.dbrsmorningstar.com/research/368939), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021, https://www.dbrsmorningstar.com/research/373262).

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 info@dbrsmorningstar.com.

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 info@dbrsmorningstar.com.

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