Hydro One Limited: Rating Report
On April 14, 2021, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and Senior Unsecured Debentures rating of Hydro One Limited (HOL or HoldCo) at "A" with Stable trends. The ratings of HOL are based on its wholly owned subsidiary, Hydro One Inc. (HOI or the Utility; rated A (high) with a Stable trend by DBRS Morningstar), which provides 99% of HoldCo's earnings and cash flows. The one-notch ratings differential between HOL and HOI reflects structural subordination of debt at HoldCo to the Utility. The confirmation reflects the stability of the distributions from HOI to HOL and the low nonconsolidated leverage at HoldCo (6.9% as at December 31, 2020).
DBRS Morningstar is a global credit ratings business with 700 employees in eight offices globally. DBRS and Morningstar Credit Ratings are committed to empowering investor success, serving the market through leading-edge technology and raising the bar for the industry.
Together, we are the world’s fourth largest credit ratings agency and a market leader in Canada, the U.S. and Europe in multiple asset classes. We rate more than 2,600 issuers and 54,000 securities worldwide and are driven to bring more clarity, diversity and responsiveness to the ratings process. Our approach and size provide the agility to respond to customers’ needs, while being large enough to provide the necessary expertise and resources. For more details visit us at dbrs.com.
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