Moody's affirms Hydro One, cuts Ontario Power, OEFC

Moody's Investors Service said it affirmed its Aa3 senior unsecured and P-1 short-term ratings for Hydro One Inc. The outlook for the long-term rating remains stable. The baseline credit assessment was affirmed at 8 (Baa1), together with high default dependence and high probability of support from the Province of Ontario, which is rated Aa1, but with its long-term outlook lowered to negative from stable.

Moody's also affirmed the Aa1 senior unsecured rating of Ontario Electricity Financial Corp. but lowered its outlook to negative from stable.

Finally, Moody's said it affirmed the Aa1 issuer rating of Ontario Power Authority but lowered its outlook to negative from stable. The baseline credit assessment of OPA was affirmed at 4 (Aa3), while default dependence and probability of support from the Province both remain high.

All changes are in conjunction with the lowering of the Province of Ontario's outlook, according to Moody's.

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