S&P assigns Hydro One notes BBB+

S&P said it assigned its BBB+ issue-level rating to Hydro One Ltd.'s proposed senior unsecured notes.

“Our issue-level rating on the proposed notes is one notch below our A- issuer credit rating on HOL because its priority debt exceeds 50% of its consolidated debt, which leads us to view the notes as structurally subordinated,” S&P said in a press release.

The company plans to use the proceeds to redeem its series 1 preferred shares.

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