Northwestern Hydro Acquisition Co II LP: Rating Report

On March 19, 2021, DBRS Limited (DBRS Morningstar) confirmed Northwestern Hydro Acquisition Co II LP’s (the Issuer) Issuer Rating; Senior Secured Bonds, Series 2036-1; and Senior Secured Bonds Series 2036-2 (together, the Bonds) at A (low) with Stable trends. The Issuer is a non-taxable limited partnership owned by Manulife Financial Corporation (Manulife; rated “A” with a Stable trend by DBRS Morningstar), Axium Infrastructure Canada II LP (Axium; together with Manulife, the Sponsors), and the Tahltan First Nation.