Press Release

DBRS Morningstar Assigns Rating of A (high) With a Stable Trend to Lower Mattagami Energy Limited Partnership’s Senior Secured Bonds, Series 2022-1

Project Finance
October 31, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of A (high) with a Stable trend to the $250 million 4.854% Senior Secured Bonds, Series 2022-1 (the Series 2022-1 Bonds) due on October 31, 2033, issued by Lower Mattagami Energy Limited Partnership (the Issuer; rated A (high) with a Stable trend by DBRS Morningstar). The rating assigned to the Series 2022-1 Bonds is based on the ratings of other already-outstanding Senior Secured Bonds.

The Series 2022-1 Bonds will be direct, secured, and unsubordinated obligations of the Issuer that will rank pari passu with and be secured equally and proportionately with other bonds and all future bonds issued by the Issuer from time to time pursuant to the Master Trust Indenture dated August 17, 2010. The Series 2022-1 Bonds are also guaranteed by
Lower Mattagami Limited Partnership, an affiliate of the Issuer. Proceeds from the Series 2022-1 Bonds will be used to finance or refinance new and/or existing eligible projects as defined in Ontario Power Generation’s green bond framework (November 2021).

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 (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Global Methodology for Rating Project Finance (; September 6, 2022) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (; April 4, 2022), which can be found on under Methodologies & Criteria.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

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].

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