DBRS Morningstar Assigns a Rating of BBB With a Stable Trend to Bruce Power L.P.’s $600 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) $600 million offering of Senior Unsecured Notes ($300 million of 4.70% Senior Unsecured Notes due December 21, 2027, and $300 million of 4.99% Senior Unsecured Notes due December 21, 2032). DBRS Morningstar notes that the Senior Unsecured Notes 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 from this offering will be used to pay down BPLP’s outstanding indebtedness and/or for general business purposes.

The rating assigned to these newly issued debt instruments is based on the rating on an already-outstanding series of the above-mentioned debt instruments.

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 https://www.dbrsmorningstar.com/research/396929 (May 17, 2022).

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology applicable to the rating is Rating Companies in the Independent Power Producer Industry (https://www.dbrsmorningstar.com/research/396971; May 18, 2022).

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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