DBRS Assigns BBB Rating to Bruce Power L.P.’s $750 Million Senior Unsecured Notes, Stable Trend

DBRS Limited (DBRS) assigned the following ratings to Bruce Power L.P.’s (BPLP) offering of $550 million Series 2018-1 and $200 million Series 2016-2 (reopening) of Senior Unsecured Notes (Senior Notes):

-- $550 million, 4.132% Senior Notes, Series 2018-1, due June 21, 2033, rated BBB
-- $200 million, 3.969% Senior Notes, Series 2016-2, due June 23, 2026 (reopening), rated BBB

All trends are Stable.

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 DBRS’s understanding that the net proceeds from the offering will be used to make distributions, to pay down indebtedness or for general business purposes.

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

The principal methodology is Rating Companies in the Independent Power Producer Industry (May 26, 2017), which can be found on our website under Methodologies.

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

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