DBRS: Emera now stable

DBRS said it has confirmed Emera Inc.'s issuer rating, medium-term notes and preferred shares at BBB (high), BBB (high) and Pfd-3 (high), respectively, and changed the trends on all to stable from negative.

This trend change reflects DBRS' expectations that Emera will continue to reduce its non-consolidated debt-to-capital ratio in the medium term to below 30% to be in line with its rating category.

The agency said that Emera is currently on track to deleverage its non-consolidated balance sheet, as reflected by (a) A $250 million preferred shares offering in June 2012; and (b) a bought-deal offering of about $200 million.

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