Hydro-Québec: Rating Report
On November 12, 2019, DBRS Limited (DBRS Morningstar) upgraded the Guaranteed Long-Term Debt rating of Hydro-Québec (the Company) to AA (low) from A (high) and changed the trend to Stable from Positive. DBRS Morningstar also confirmed the Commercial Paper (CP) rating at R-1 (middle) with a Stable trend. The ratings assigned to the Company are a flow-through of the ratings of the Province of Québec (the Province; rated AA (low) and R-1 (middle) with Stable trends by DBRS Morningstar). The Province unconditionally guarantees most of the Company’s outstanding debt, which consists essentially of bonds and medium-term notes (approximately 97% of total debt as at December 31, 2018). The remaining 3% of debt not guaranteed consists of non-market debt. Please see the DBRS Criteria: Guarantees and Other Forms of Support methodology for further detail.
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