Morningstar DBRS Finalizes Provisional Credit Rating of BBB (low) With a Stable Trend on Brookfield Renewable Partners ULC's New $200 Million Subordinated Notes

DBRS Limited (Morningstar DBRS) finalized its provisional credit rating of BBB (low) with a Stable trend on Brookfield Renewable Partners ULC's $200 million 5.450% Fixed-to-Fixed Reset Rate Subordinated Notes due March 12, 2055 (the Subordinated Notes).

The Subordinated Notes are fully and unconditionally guaranteed by Brookfield Renewable Partners L.P. (rated BBB (high) with a Stable trend by Morningstar DBRS).

Morningstar DBRS also assigned a 50% equity weight to the Subordinated Notes. The equity weight is determined based on the "Preferred Share and Hybrid Security Criteria for Corporate Issuers" outlined in the "Morningstar DBRS Global Corporate Criteria" released on April 15, 2024.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024), at https://dbrs.morningstar.com/research/437781.

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

Morningstar DBRS applied the following principal methodology/criteria
-- Morningstar DBRS Global Corporate Criteria (April 15, 2024), https://dbrs.morningstar.com/research/431186.

The following criteria has also been applied:
-- Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (August 13, 2024), https://dbrs.morningstar.com/research/437781

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

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info-DBRS@morningstar.com.

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.

Morningstar DBRS 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. Morningstar DBRS trends and credit ratings are under regular surveillance.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on https://dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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