DBRS Morningstar Comments on Maine's Referendum Question 3 and Its Possible Impact on ENMAX

DBRS Morningstar published a commentary analyzing the potential impact of the upcoming election referendum in Maine.

Key highlights include the following:
-- The upcoming referendum in Maine asks voters to support establishing the Pine Tree Power Company (Pine Tree) as a quasi-governmental utility with a private operator.

-- Pine Tree would then be expected to acquire Versant Power (Versant) and Central Maine Power (CMP).

-- DBRS Morningstar views the outcome of the referendum as unlikely to have an immediate impact on Versant's owner, ENMAX.

“If Question 3 passes, we expect it will take years for the acquisition prices of Versant and CMP to be settled on and the transaction to be completed, likely following a lengthy adjudicated court process,” said Adam Provencher, Vice President, Energy, Utilities, and Natural Resources. “As such, we do not expect an immediate impact on our ratings of ENMAX should the proposal pass.”