Fitch rates AltaGas notes BB+

Fitch Ratings said it assigned a BB+ rating to AltaGas Ltd.'s C$300 million of subordinated notes, series 1 due January 2082.

AltaGas' issuer default rating is BBB. “The notes are eligible for 50% equity credit based on Fitch's hybrid methodology, dated Nov. 12, 2020, titled ‘Corporates Hybrids Treatment and Notching Criteria,’ available at www.fitchratings.com. Features supporting the equity categorization of these notes include their subordinate priority, the option to defer interest payments on a cumulative basis for up to five-years on each occasion and a 60-year maturity,” the agency said in a press release.

AltaGas plans to use the proceeds to pay-off its series K preferred shares due in March.

The outlook is stable.

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