Morningstar DBRS Assigns Credit Rating of "A" With a Stable Trend to Newfoundland Power Inc.'s CAD 120 Million 4.913% First Mortgage Sinking Fund Bonds

DBRS Limited (Morningstar DBRS) assigns a final credit rating of "A" with a Stable trend to Newfoundland Power Inc.'s CAD 120 million 4.913% First Mortgage Sinking Fund Bonds, Series AT, maturing August 18, 2055. The Series AT Bonds settled on August 18, 2025.

The credit rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated October 4, 2024 (Morningstar DBRS Confirms Newfoundland Power Inc. at "A" With Stable Trends (https://dbrs.morningstar.com/research/440814)) for more information, including all relevant disclosures.

The credit rating listed above is based on the Deed of Trust and Mortgage dated September 15, 1966, the Thirty-first Supplemental Deed dated August 18, 2025, the Agency Agreement dated August 6, 2025, the Final Term Sheet dated August 6, 2025, and information provided by Newfoundland Power to Morningstar DBRS as of August 18, 2025.

The Series AT Bonds will be secured pari-passu with all bonds issued and to be issued under the Deed of Trust and Mortgage dated September 15, 1966, and Deeds Supplemental thereto.

The net proceeds from the sale of the Series AT Bonds will be used to repay credit facility borrowings, primarily incurred to finance the Company's capital expenditure program, and for general corporate purposes.

Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating.

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

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