Algonquin Power & Utilities Corp. Reports Upgrade to BBB by Standard & Poor's
OAKVILLE, ON, Oct. 11, 2013
OAKVILLE, ON, Oct. 11, 2013 /PRNewswire/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN) today reported that Standard & Poor's Ratings Services has
raised its long-term corporate credit rating on APUC and subsidiaries
Algonquin Power Co. ("APCo") and Liberty Utilities Co. ("Liberty") to 'BBB'
from 'BBB-'. As well, Standard & Poor's raised its global scale and Canada
scale preferred stock ratings on APUC to 'BB+' and 'P-3 (High)' from 'BB' and
According to Standard & Poor's, the upgrade reflects a significant increase in
regulated cash flow from Liberty owing to a number of acquisitions in the past
18 months, as well as a forecast that adjusted funds from operations-to-debt
levels will continue to increase in the near-to-medium term.
Standard & Poor's has also provided a stable outlook for the company owing to
the assessment of relatively stable cash flows, supported by regulated cash
flow from Liberty's regulated utility business, and APCo's largely contracted
power asset portfolio.
"The recognition of the strong creditworthiness of APUC and our subsidiaries
through a BBB rating confirms the stability and conservatism of our capital
structure and should enhance the value of our equity by reducing the cost of
our debt", commented Ian Robertson, Chief Executive Officer of APUC. "We have
consistently run our business within the scope of investment grade credit
metrics in order to maintain a stable investment environment for our
shareholders today and in the future".
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified$3.0
billionportfolio of regulated and non-regulated utilities inNorth America.
The company's regulated utility business is committed to provide water,
electricity and natural gas utility services to over 470,000 customers through
a nationwide portfolio of regulated generation, transmission and distribution
utility systems. The company's non-regulated electric generation subsidiary
owns and has interests in renewable energy and thermal energy facilities
representing more than 1,100 MW of installed capacity. Algonquin Power &
Utilities Corp. delivers continuing growth through an expanding pipeline of
renewable power and clean energy projects, organic growth within its regulated
utilities and the pursuit of accretive acquisition opportunities. Common
shares and preferred shares are traded on the Toronto Stock Exchange under the
symbols AQN and AQN.PR.A respectively. Visit Algonquin Power and Utilities
atwww.AlgonquinPowerandUtilities.comand follow us on Twitter@AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information that is
forward-looking within the meaning of certain securities laws, including
information and statements regarding prospective results of operations,
financial position or cash flows. These statements are based on factors or
assumptions that were applied in drawing a conclusion or making a forecast or
projection, including assumptions based on historical trends, current
conditions and expected future developments. Since forward-looking statements
relate to future events and conditions, by their very nature they require
making assumptions and involve inherent risks and uncertainties. APUC cautions
that although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the possibility that
actual results may differ materially from the expectations set out in the
forward-looking statements. Material risk factors include those set out in the
management's discussion and analysis section of APUC's most recent annual
report, quarterly report, and APUC's Annual Information Form. Given these
risks, undue reliance should not be placed on these forward-looking
statements, which apply only as of their dates. Other than as specifically
required by law, APUC undertakes no obligation to update any forward-looking
statements or information to reflect new information, subsequent or otherwise.
SOURCE Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500
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