Moody's: Lower Mattagami bonds A2

Moody's Investors Service said it assigned an A2 rating to the minimum C$200 million senior secured bonds expected to be issued by Lower Mattagami Energy LP.

The outlook remains stable.

Moody's said the rating and outlook take into account that the redevelopment, expansion and financing of the four hydroelectric generating stations owned by Lower Mattagami Energy and Lower Mattagami LP is progressing well.

Additionally, Ontario Power Generation Inc. guarantees the debt obligations of Lower Mattagami Energy during the construction.

Moody's said it expects very stable financial metrics once the stations are fully operational in 2015.

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