DBRS Morningstar Assigns Rating of BBB With a Stable Trend to Bruce Power L.P.’s $500 Million Senior Unsecured Notes Offering

DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Bruce Power L.P.’s (BPLP) $500 million 2.68% Series 2021-1 Senior Unsecured Notes, due December 21, 2028, which closed on November 22, 2021. The rating assigned to this newly-issued debt instrument is based on the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar notes that the Senior Unsecured Notes will rank equally in right of payment with all other current and future unsecured, unsubordinated, and senior indebtedness of BPLP, including the obligations under the Senior Credit Facilities. DBRS Morningstar understands that the proceeds will be allocated or used to finance or refinance existing Eligible Investments under the Bruce Power Green Financing Framework.

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 Independent Power Producer Industry (May 10, 2021; https://www.dbrsmorningstar.com/research/378166), 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 on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577