DBRS assigns BBB (high) to AltaGas Canada

DBRS said it assigned a provisional issuer rating of BBB (high) with a stable trend to AltaGas Canada Inc.

The rating is supported by AltaGas Canada’s stable business risk profile underpinned by its ownership of regulated natural-gas distribution utilities, diversified asset base and support from unlevered cash flow generated at its long-term contracted renewable power assets, DBRS said.

Key challenges include the relatively small size and operational risks at the company’s regulated utilities and the impact of weather on natural-gas consumption and electricity generation, the agency said.

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