DBRS confirms Lievre Power

DBRS said it confirmed the rating on the C$225 million senior secured bonds of Lievre Power Financing Corp. at A (low) with a stable trend.

The bonds are secured by the hydroelectric power generation assets of Lievre Power LP, DBRS said.

The rating reflects the strength of the company's low-cost generating facilities located at sites with solid market fundamentals and supported by the energy sales contracts currently in place, the agency said.

The project has benefited from a contract price increase since late 2009, which offsets the hydrology risk and helps stabilize cash flow and the coverage ratio, DBRS said.

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