Fitch gives Enmax, notes BBB

Fitch Ratings said it gave BBB ratings to Enmax Corp. and its senior unsecured notes.

“Enmax's ratings are supported by the consolidated strength of its rate regulated electric transmission and distribution (T&D) utilities in the Canadian province of Alberta and the state of Maine, which account for 60%-70% of the company's consolidated EBITDA. Fitch's rating also considers the 30%-40% EBITDA contribution of Enmax Energy Corp. (EEC), the company's conservatively managed competitive Alberta-based power supply and retail marketing business,” the agency said in a press release.

Fitch said it evaluated Enmax on its stand-alone credit profile with no direct uplift related to the city of Calgary’s ownership.

The outlook is stable.

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