DBRS rates Ontario Power green bond A (low)

DBRS said it assigned a rating of A (low) with a stable trend to Ontario Power Generation Inc.’s C$450 million 3.838% series 2 medium-term notes maturing June 22, 2048.

The green bond’s proceeds will be used to finance or refinance hydroelectric projects that meet the criteria established by the company’s green bond framework.

The agency said that Ontario Power’s ratings continue to be supported by strong cash flow-to-debt and debt-to-capital ratios, and DBRS does not expect the notes to materially affect the company’s credit profile.

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