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S&P downgrades Enmax
S&P said it downgraded Enmax Corp. and its unsecured debt to BBB- from BBB and removed all the company’s ratings from CreditWatch with negative implications where they were placed on Oct. 3.
The downgrade follows the company's acquisition of Emera Maine for an enterprise value of $1.8 billion including the assumption of $500 million of Emera Maine debt. Although the purchase of Emera Maine's electric transmission and distribution assets have modestly improved the overall business risk, the highly leveraged nature of the transaction weakens the overall financial risk profile with an expected adjusted debt to EBITDA around 5.5x over the next few years.
The outlook is stable.
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