DBRS confirms Emera

DBRS said it confirmed the ratings of Emera Inc.'s medium-term notes and preferred shares - cumulative at BBB (high) and Pfd-3 (high), respectively.

The ratings are based on the strong earnings and cash flows generated by Nova Scotia Power Inc., Bangor Hydro-Electric Co. and a number of other utility or contract-based investments and on Emera's strong, reasonable non-consolidated financial profile, DBRS said.

The ratings also are underpinned by the modest diversification through the ownership of regulated utilities in different jurisdictions, which reduces dependence on earnings and cash flows from any one entity and reduces volatility of earnings, the agency said.

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