DBRS assigns BBB to Great Lakes Power

DBRS said it assigned a BBB issuer rating to Great Lakes Power Holdings LP, Canada Atlantis Hydro Holding LP and Algoma Hydro Holding LP (collectively, the Co-Issuers or the HoldCo). DBRS Morningstar also assigned BBB ratings to the series A bonds and series B bonds (together, the HoldCo bonds or the bonds) issued by the Co-Issuers.

The Co-Issuers respectively own Great Lakes Power LP, Canada Atlantis GL Power LP, and Algoma Hydro Asset LP (collectively, the OpCo).

“Currently all electricity generated is sold to a high investment-grade offtaker, which expires on Nov. 30, 2029. DBRS Morningstar believes the offtaker has a strong credit profile that does not constrain the assigned ratings,” DBRS said in a press release.

The trend is stable.

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