ֳ

Entity - Ultimate Parent

Algonquin Power & Utilities Corp.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance
1
2
3
4
5

01Ratings

RatingActionDateType
BBBAffirmed24-Apr-2025Long Term Issuer Default Rating
F2Affirmed24-Apr-2025Short Term Issuer Default Rating
Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red

Rating History

Date :24-Apr-202516-Dec-202419-Mar-202418-Dec-202316-Aug-202313-Jan-202331-Aug-202208-Apr-202228-Oct-202116-Jun-202115-Apr-202122-Oct-202023-Oct-201926-Oct-201820-Jul-2018
Rating :BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
Action :AffirmedReview - No ActionAffirmedReview - No ActionAffirmedAffirmedReview - No ActionAffirmedAffirmedAffirmedReview - No ActionAffirmedAffirmedReview - No ActionNew Rating

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

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Debt Type & Identifiers  
Other Details  
Issuer: Algonquin Power & Utilities Corp.
Debt Level: junior subordinated
Issue: USD 350 mln 6.2% JSNs 01-Jul-2079
24-Apr-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: Canada
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
junior subordinated; hybrid capital instruments
CUSIP: 015857808 (Public)
ISIN: US0158578080 (Public)
Maturity Date: 01-Jul-2079
Currency: USD
Amount: 350,000,000
Placement: Public
Issuer: Algonquin Power & Utilities Corp.
Debt Level: senior unsecured
Issue: USD 1.15 bln 5.365% bond/note 15-Jun-2026
24-Apr-2025
BBB
Affirmed
Long Term Rating

Rating History
Country: Canada
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
senior unsecured; bond/note
CUSIP: 015857AF2 (Public)
ISIN: US015857AF21 (Public)
Maturity Date: 15-Jun-2026
Currency: USD
Amount: 1,150,000,000
Coupon Rate: 5.365%
Placement: Public
Issuer: Algonquin Power & Utilities Corp.
Debt Level: junior subordinated
Issue: CAD 400 mln 5.25% JSNs 18-Jan-2082
24-Apr-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: Canada
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
junior subordinated; hybrid capital instruments
ISIN: CA015857AG06 (Public)
CUSIP: 015857AG0 (Public)
Maturity Date: 18-Jan-2082
Currency: CAD
Amount: 400,000,000
Placement: Public
Issuer: Algonquin Power & Utilities Corp.
Debt Level: junior subordinated
Issue: USD 750 mln 4.75% JSNs 18-Jan-2082
24-Apr-2025
BB+
Affirmed
Long Term Rating

Rating History
Country: Canada
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)
junior subordinated; hybrid capital instruments
CUSIP: 015857AH8 (Public)
ISIN: US015857AH86 (Public)
Maturity Date: 18-Jan-2082
Currency: USD
Amount: 750,000,000
Placement: Public
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06ֳ Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating20-Jul-2018
Short Term Issuer Default Rating20-Jul-2018
Endorsement Status
EU Endorsed, UK Endorsed
Country of ֳ Office
CANADA
Solicitation Status
Long Term Issuer Default RatingSolicited - Sell Side
Short Term Issuer Default RatingSolicited - Sell Side
Country of Analyst
CANADA

08Identifiers

Type:CIK CodeCUSIPDow Jones TickerLEI
Identifier:0001174169015857AQN.T549300K5VIUTJXQL7X75

09Criteria

08Apr
2025
Active Criteria
Corporate Hybrids Treatment and Notching Criteria
06Dec
2024
Active Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria
06Dec
2024
Active Criteria
Corporate Rating Criteria
02Aug
2024
Active Criteria
Corporates Recovery Ratings and Instrument Ratings Criteria
03Nov
2023
Expired Criteria
Sector Navigators – Addendum to the Corporate Rating Criteria - Effective from 3 November 2023 to 21 June 2024
More Criteria

10Analysts

Tommy Luong
Primary Rating Analyst

Andrew Ng
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5
Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4
Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3
Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2
Irrelevant to the entity rating but relevant to the sector.
1
Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings KeyOutlookWatch
Positive
Negative
Evolving
Stable 

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ֳ Red