Fitch rates Ontario Solar notes BBB-

Fitch Ratings said it assigned a BBB- rating to Ontario Solar Holdings LP's C$104,725,000,000 term loan notes.

The outlook is stable.

Fitch said the rating reflects Ontario Solar's long-term financial profile, which is anchored by fixed power purchase agreements with a strong counterparty, Ontario's Independent Electricity System Operator.

Projected energy production demonstrates modest variability and is the primary risk in terms of cash flow volatility, the agency explained. Credit quality is supported by a history of reliable operational performance with stable operating costs and high availability.

Debt service coverage ratios average 1.2 times with a minimum of 1.2 times under a Fitch rating case that incorporates reduced energy production, increased degradation and higher expenses.

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