DBRS gives Algonquin Power preferreds Pfd-3

DBRS said it has confirmed the issuer rating of BBB (low) and assigned a preferred share rating of Pfd-3 (low), both with a stable trend, to Algonquin Power & Utilities Corp.

The company's borrowings are structurally subordinated to the existing debt at its two primary operating subsidiaries: Algonquin Power Co. (BBB (low)) and Liberty Utilities Co.-guaranteed Liberty Utilities Finance GP1 (BBB (high)), the agency noted.

The BBB (low) rating of the issuer is one notch below the aggregate credit quality of the OpCo, reflecting the structural subordination of the parent company relative to the OpCo, the agency stated.

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