S&P gives BBB- to Algonquin Power notes

S&P said it assigned its BBB- long-term issue-level rating to Algonquin Power & Utilities Corp.'s (APUC) unsecured notes due 2026 based on a review of the proposed terms and conditions.

APUC originally issued the notes as components of its 2021 equity units. “We assess the remarketed senior notes as senior unsecured debt because the notes are unsecured and senior to the company's subordinated debt. We rate the remarketed debt one notch below our BBB issuer credit rating because priority debts exceed 50% of APUC's consolidated debt. The rating on the proposed remarketed notes is one notch higher than the rating on APUC's hybrid securities,” S&P said in a statement.

The outlook is stable.

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