S&P affirms UMH Energy

Standard & Poor's said it affirmed the A senior secured debt rating on UMH Energy Partnership's C$200 million of notes.

The outlook is stable.

The rating reflects the view of the partnership's solid 50-year agreement based on regulatory principles that assure cost recovery plus a return, as well as remove hydrology risk from UMH's four small Ontario-based hydroelectric facilities, the agency said.

The partnership's aggressive capital structure, modest returns, and a degree of regulatory and refinancing risk offset the strengths, the agency added.

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