DBRS Morningstar Assigns BBB Rating with a Stable Trend to Bruce Power L.P.’s $600 Million Senior Unsecured Notes Offering

DBRS Limited (DBRS Morningstar) assigned the following rating to Bruce Power L.P.’s (BPLP) Senior Unsecured Notes offering of $600 million:

-- 4.00% Series 2020-1 Senior Unsecured Notes, due June 21, 2030, rated BBB with a Stable trend

The rating being assigned is based upon the rating on already-outstanding series of the above-mentioned debt instrument. DBRS Morningstar notes that the Senior Unsecured Notes will rank equally in right of payment with all other current and future unsecured, unsubordinated, and senior indebtedness of BPLP, including the obligations under the Senior Credit Facilities. DBRS Morningstar understands that the proceeds from this offering will be used to pay down BPLP’s outstanding indebtedness and/or for general business purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

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

The principal methodology is Rating Companies in the Independent Power Producer Industry, which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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