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S&P assigns Hydro One note A
Standard & Poor's said it assigned its A debt rating to Hydro One Inc.'s C$250 million three-year note due 2011.
At the same time, S&P said it affirmed its other ratings on Hydro One, including the A long-term corporate credit rating.
The agency said it also affirmed the A debt rating on the company's C$600 million 10-year note due 2017, following the addition of C$300 million to the note, adding that the debt ratings mirror the ratings on existing senior unsecured debt obligations.
The outlook is positive.
S&P said that the ratings reflect the company's low-risk monopoly electricity transmission and distribution networks, secure and relatively predictable regulated cash flows and the support of its owner, the Province of Ontario (AA/stable/A-1+) while offsetting these strengths is an intermediate financial risk profile that will face challenges from the company's large capital expenditure program in the next several years.
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