DBRS confirms Toronto Hydro

DBRS said it confirmed Toronto Hydro Corp.'s A (high) senior debentures and medium-term notes and R-1 (low) short-term issuer rating. The trends are both stable.

The agency said the confirmation reflects the relatively stable earnings contributions from Toronto Hydro's regulated distribution business and a strong credit profile.

DBRS noted that on Jan. 5, the Ontario Energy Board announced that it turned down Toronto Hydro's electricity distribution rate increase application under the cost-of-service framework for the May 2012 to May 2014 period. The agency said it expects the company to proceed with a follow-up filing under the Incentive Regulation Mechanism framework, as recommended by the Ontario Energy Board.

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