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Prospect News home > News index > List of issuers A > Headlines for Algonquin Power & Utilities Corp. > News item |
Fitch gives Algonquin Power notes BBB
Fitch Ratings said it gave a BBB rating to Algonquin Power & Utilities Corp.’s issuance of senior unsecured notes.
Concurrently, Fitch affirmed the long-term issuer default rating at BBB and junior subordinated notes at BB+.
“APUC is issuing equity units, which comprise a forward equity purchase contract and a 5% beneficial ownership interest in the senior unsecured notes. The notes issued in connection with the equity units serve to collateralize the investor's forward stock purchase obligation. Per Fitch's ‘Corporate Hybrids Treatment and Notching Criteria,’ the equity units receive 100% debt treatment due to the senior ranking of the senior unsecured notes used as collateral for the transaction,” the agency said in a press release.
The proceeds from the equity units will be used to finance or refinance existing and future eligible green expenditures.
The outlook is stable.
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