DBRS Morningstar Confirms Waterloo North Hydro Inc. at A (low), Stable

DBRS Morningstar (DBRS Morningstar) confirmed the Issuer Rating of Waterloo North Hydro Inc. (Waterloo North or the Company) at A (low) with a Stable trend. The rating reflects the stability of Waterloo North’s electricity distribution business operating under a reasonable regulatory framework in a growing franchise area as well as the Company’s strong financial risk profile. Waterloo North’s rating is one notch lower than its DBRS Morningstar-rated peers in the Ontario electricity distribution sector, largely as a result of the Company’s above-average refinancing risk.

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

The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry, and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships, which can be found on dbrs.com under Methodologies & Criteria.

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.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.

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