DBRS cuts Northwestern Hydro

DBRS said it downgraded its ratings for Northwestern Hydro Acquisition II LP and Northwestern Hydro Acquisition III LP and their senior secured bonds to BBB from BBB (high).

Both issuers are special-purpose vehicles that own stakes in Coastal Mountain Hydro Ltd., which owns three hydro-generating facilities in Northwestern British Columbia.

“The downgrade follows continued difficulty experienced by CMH in managing its operating costs, leading to consistently underperforming coverage ratios at the issuer level,” DBRS said in a press release.

The trend for both issuers is negative.

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