DBRS confirms Enercare Solutions

DBRS said it confirmed the issuer rating and senior notes rating of Enercare Solutions Inc. at BBB with stable trends.

The agency said the confirmations are based on Enercare’s stable portfolio of water heater and HVAC rental units, mostly based in Ontario.

DBRS said the stable trends reflect the attrition rate, which has stabilized at around 3% and which DBRS has assumed for the current ratings.

However, the agency said it is concerned with the company’s key credit metrics, specifically the cash flow-to-external debt and external debt-to-EBITDA ratios, which remain weak for the current ratings.

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