Liberty Utilities Finance GP1: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and the rating
of the Senior Notes of Liberty Utilities Finance GP1 (LUF
or the Issuer). All the debt issued by LUF is unconditionally
guaranteed by its related party, Liberty Utilities Co. (LUCo, the
Company or the Guarantor). The Issuer and the Guarantor are
wholly owned by Algonquin Power & Utilities Corp. (APUC).
The proceeds from the debt issued by LUF to the public (Series
A, B, C, D and E Senior Notes; collectively, the Senior Notes)
are used to invest in the senior unsecured notes (related-party
Notes) issued by LUCo. The Senior Notes and the related-party
Notes contain the same terms and conditions.