DBRS Rates Bruce Power L.P. CAD 750 Million Senior Unsecured Notes at BBB, Stable Trend

DBRS Limited (DBRS) has assigned the following ratings to Bruce Power L.P.’s (BPLP) offering of CAD 350 million Series 2017-1 and CAD 400 million Series 2017-2 of Senior Unsecured Notes (Senior Notes), due June 21, 2024 and June 21, 2029, respectively:

Security Final Rating
CAD 350 million, 3.00% Senior Notes, Series 2017-1, due June 21, 2024 BBB, Stable trend
CAD 400 million, 4.01% Senior Notes, Series 2017-2, due June 21, 2029 BBB, Stable trend

DBRS notes that the above-noted securities 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. It is our understanding that the net proceeds from the offering will be used to make distributions, to pay down indebtedness or for general partnership purposes.

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

The principal methodology is Rating Companies in the Independent Power Producer Industry (June 14, 2016), which can be found on our website under Methodologies.

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