EMA Removed from Review Developing by DBRS

DBRS has announced that it:

has today removed Emera Inc.’s (Emera or the Company) Issuer Rating and the ratings of its Medium-Term Notes and Cumulative Preferred Shares from Under Review with Developing Implications. DBRS has also confirmed Emera’s Issuer Rating and Medium-Term Notes rating at BBB (high) and the Cumulative Preferred Shares rating at Pfd-3 (high), all with Stable trends. The rating actions follow DBRS’s review of Emera’s funding strategy for its medium-term growth plans, the repayment of the USD 350 million non-revolving credit facility used to partially finance the acquisition of the merchant New England Gas Generation assets, and the closing of a $250 million non-revolving credit facility by Emera Brunswick Pipeline Company (Emera Brunswick) in February 2015. Pro forma these transactions, Emera’s non-consolidated debt-to-capital has now decreased to below 30%. The rating actions also reflect the Company’s reasonable business risk profile for the current rating category and DBRS’s expectation that Emera will maintain its deconsolidated debt-to-capital metric below the 30% threshold.

It’s been quite a while! The imposition of the Review was reported on PrefBlog in August 2013.

EMA has three preferred share issues outstanding: EMA.PR.A, EMA.PR.C and EMA.PR.F (FixedResetS) and EMA.PR.E (PerpetualDiscount). All are tracked by HIMIPref™; all are relegated to the Scraps index on credit concerns.

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