S&P rates Algonquin Power notes BB+

S&P said it assigned its BB+ issue-level rating to Algonquin Power & Utilities Corp.'s (APUC) subordinated notes due 2078.

APUC intends to use the net proceeds from these notes to redeem long-term debt and for general corporate purposes.

“We classify these notes as hybrid securities with intermediate equity content (50%). We rate the securities two notches below our BBB long-term issuer credit rating on APUC to reflect the notes' subordination and the company's ability to defer interest payments on the notes,” S&P said in a news release.

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