DBRS Assigns Issuer Rating to Capital Power Corporation and Discontinues Ratings on Capital Power L.P.

DBRS Limited (DBRS) has today assigned an Issuer Rating of BBB with a Negative trend to Capital Power Corporation (CPC or the Company). Previously, Capital Power L.P.’s (CPLP) Issuer Rating was shared by CPC as the reference point for the CPC’s Senior Unsecured Debt and Preferred Shares. With the discontinuation of CPLP’s Issuer Rating, as referenced below, DBRS directly assigned an Issuer Rating to CPC.

Concurrently, DBRS has discontinued the Issuer Rating and Senior Unsecured Debt rating of CPLP. The CPLP ratings are being discontinued at the Company’s request as the entire outstanding amount of CPLP’s Senior Unsecured Debt has been exchanged for newly issued CPC medium term notes with equivalent terms (rated BBB by DBRS; refer to CPC’s press release dated December 18, 2015) and CPLP is no longer an issuer of external debt. Furthermore, CPC has amended most of its contract terms that referenced a CPLP credit rating to that of CPC.

Notes:
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 to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Rating Companies in the Independent Power Producer Industry and DBRS Criteria: Preferred Share and Hybrid Criteria for Corporate Issuers, which can be found on our website under Methodologies.

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