Press Release

DBRS Morningstar Assigns Rating of BBB (low), Stable Trend to Capital Power Corporation’s CAD 350 Million Medium Term Notes

Utilities & Independent Power
September 15, 2023

DBRS Limited (DBRS Morningstar) assigned a credit rating of BBB (low) with a Stable trend to the CAD 350 million Medium Term Notes, Series 5 due September 15, 2028, issued by Capital Power Corporation (the Company). The Company intends to use the net proceeds from this issuance to repay, redeem, or refinance existing indebtedness, including indebtedness under the Company’s credit facilities, or for general corporate purposes.

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

There were no Environmental/Social/Governance factors 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 (July 4, 2023).

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Independent Power Producer Industry (May 9, 2023;

The following methodology has also been applied:
-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 20, 2022;

The credit rating methodologies used in the analysis of this transaction can be found at:

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

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

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 credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on or contact us at

DBRS Limited
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Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577