Press Release

DBRS Morningstar Assigns Rating of A (low) With Stable Trend to Ontario Power Generation Inc.’s $300 Million Series 10 Medium-Term Notes

Utilities & Independent Power
July 20, 2022

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) $300 million 4.922% Series 10 Medium-Term Notes maturing on July 19, 2032 (the Series 10 Notes). DBRS Morningstar based the Series 10 Notes rating on its rating of the already-outstanding series of the above-mentioned debt instruments.

The Series 10 Notes are direct unsecured obligations of OPG and rank equally and pari passu with all other medium-term notes issued and outstanding from time to time 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 10 Notes to finance or refinance new and/or existing eligible projects as defined in the Company’s current Green Bond Framework, including maintenance and/or refurbishment of existing nuclear energy facilities.

There were no Environmental/Social/Governance factor(s) that had a significant or relevant effect on the credit analysis.

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

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 (September 24, 2021; and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022,, which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (May 17, 2022;

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.

The conditions that lead to the assignment of a Negative or Positive trend are generally 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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