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Moody's gives Lower Mattagami bonds A1
Moody's Investors Service said it gave an A1 rating to Lower Mattagami Energy LP’s planned issuance of C$375 million in senior secured bonds.
The A1 rating is underpinned by the hydroelectric energy supply agreement that allows it to recover operating costs, with a four-year budgeting cycle, depreciation on the approved rate base, interest expense on the deemed debt component (65%) of the capital structure, a deemed tax component and a return on equity component, the agency said.
The proceeds will be used to refinance bonds at maturity and finance the Little Long Dam Safety Project, the costs of which will be recoverable under the hydroelectric energy supply agreement with the Independent Electricity System Operator.
The outlook is stable.
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