DBRS Limited (DBRS Morningstar) finalized its provisional rating of BBB (low) with a Stable trend on Brookfield Renewable Partners L.P.’s (BEP; rated BBB (high) with a Stable trend by DBRS Morningstar) $200 million Class A Preferred Limited Partnership Units (U.S.) (the Preferred Units).
The rating of the Preferred Units is based on DBRS Morningstar’s long-term debt rating scale under “DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers” (the Preferred Share Criteria). Under the Preferred Share Criteria, preferred shares issued by nonfinancial corporate issuers outside of Canada have a rating two notches below that of the issuer.
All figures are in U.S. dollars unless otherwise noted.
The principal methodologies are Rating Companies in the Independent Power Producer Industry (May 19, 2020); DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 1, 2019); DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020); and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.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 firstname.lastname@example.org.
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.
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