Rating Action Commentary
ֳ Withdraws Algonquin Power Co. Ratings Following Transaction Close and Debt Redemption
Fri 07 Feb, 2025 - 4:27 PM ET
ֳ - Toronto - 07 Feb 2025: ֳ has withdrawn Algonquin Power Co.'s (APCo) 'BBB-' Long-Term Issuer Default Rating (IDR) and 'F3' Short-Term IDR. ֳ has also withdrawn APCo's 'BBB-' senior unsecured instrument rating. The senior unsecured notes were fully repaid following the completion of the APCo sale to LS Power (Not Rated).
ֳ has withdrawn APCo ratings as the company was sold to LS Power and all ֳ rated debt has been fully repaid. Accordingly, due to lack of information under the new ownership, ֳ will no longer provide ratings or analytical coverage for APCo.
Key Rating Drivers
Key rating drivers do not apply because the ratings have been withdrawn.
RATING SENSITIVITIES
Ratings Sensitivities do not apply as the ratings have been withdrawn.
Issuer Profile
APCo was a subsidiary of Algonquin Power & Utilities Corp., owning and operating a diverse portfolio of renewable and clean power generation. APCo was acquired by LS Power in January 2025.
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
to access ֳ's latest quarterly Global Corporates Macro and Sector Forecasts data file which aggregates key data points used in our credit analysis. ֳ's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included.
ESG Considerations
The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. ֳ's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. For more information on ֳ's ESG Relevance Scores, visit /topics/esg/products#esg-relevance-scores.
Additional information is available on
PARTICIPATION STATUS
The rated entity (and/or its agents) or, in the case of structured finance, one or more of the transaction parties participated in the rating process except that the following issuer(s), if any, did not participate in the rating process, or provide additional information, beyond the issuer’s available public disclosure.
APPLICABLE CRITERIA
APPLICABLE MODELS
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
- Corporate Monitoring & Forecasting Model (COMFORT Model), v8.1.0 (1)
ADDITIONAL DISCLOSURES
ENDORSEMENT STATUS
| Algonquin Power Co. | EU Endorsed, UK Endorsed |