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Fitch rates Algonquin BBB, debt BBB+
Fitch Ratings said it assigned a BBB long-term issuer default rating and an F2 short-term issuer default rating to Algonquin Power & Utilities Corp. and to its regulated utility subsidiary, Liberty Utilities Co.
The agency also assigned a BBB long-term issuer default rating and an F3 short-term issuer default rating to Algonquin Power’s unregulated power generation subsidiary, Algonquin Power Co.
The outlook is stable.
In addition, Fitch assigned a BBB+ rating to the senior unsecured debt issued by Liberty Utilities Finance GP1.
The agency said that Algonquin Power’s issuer default rating is appropriately positioned relative to peer parent holding companies, NextEra Energy, Inc. (A-/stable), Avangrid, Inc. (BBB+/stable) and CenterPoint Energy, Inc. (BBB/stable).
Fitch said it projects the company’s consolidated FFO-adjusted leverage to average 4.8x to 5.2x through 2020, weaker than that of NextEra (3.6x to 4.1x) and Avangrid (2.8x to 3.2x), but slightly stronger than that of CenterPoint (5.5x).
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