Dufferin Wind Power Inc.: Rating Report
On September 20, 2018, DBRS Limited (DBRS) upgraded the rating on the 4.317% Series 1 Senior Secured Bonds (the Bonds) issued by Dufferin Wind Power Inc. (the Issuer) to BBB (high) from BBB. The trend is Stable. In a previous rating report (October 27, 2017), DBRS stated that the limits on the quality and quantity of the collected on-site wind data precluded a higher rating before sufficient operational results. The current rating upgrade reflects the 91.4-megawatt Dufferin Wind Project’s (the Project) achievement of sufficient operational and production data (more than three full years), which DBRS believes validates the wind resource and energy production forecasts. The rating-case financial projections are strong, demonstrating minimum and average semi-annual debt service coverage ratios (DSCRs) of 1.61 times (x) and 1.64x, respectively, consistent with a BBB (high) rating.
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