TriSummit Utilities Inc.: Rating Report

On November 15, 2022, DBRS Limited (DBRS Morningstar) confirmed TriSummit Utilities Inc.’s (TSU or the Company) Issuer Rating and Unsecured Medium-Term Notes rating at BBB (high) with Stable trends. The rating confirmations reflect TSU’s stable business risk profile underpinned by its ownership of regulated natural gas distribution utilities, diversified asset base, and support from largely unsubordinated cash flows generated at its regulated utilities and contracted renewable power assets. Key challenges include the Company’s relatively small size, operational risks at its regulated utilities, exposure to contracted but unregulated renewable power operations, and the impact of weather on natural gas consumption and electricity generation.