DBRS rates Algonquin debentures BBB

DBRS Ltd. said it has assigned a rating of BBB (low) with a stable trend to the C$200 million of 4.65% senior unsecured debentures issued by Algonquin Power Co.

The maturity date is Feb. 15, 2022.

The proceeds of the offering will be used towards financing the acquisition of the remaining 40% managing ownership interest in three of its wind farms in the United States that are currently held by a third party, to reduce amounts outstanding on project debt related to its Shady Oaks wind farm, to reduce amounts outstanding under the bank credit facility and for general corporate purposes, DBRS stated.

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