DBRS confirms Enmax

DBRS said it confirmed the unsecured debentures rating of Enmax Corp. at A (low) and its commercial-paper rating at R-1 (low).

The trend is stable.

The ratings are based on Enmax's earnings and cash flow stability from its regulated transmission and distribution operations, DBRS said, and a well-hedged non-regulated business backed by a low-cost source of electricity.

These strengths are offset by increased business risk stemming from exposure to higher-risk non-regulated activities, particularly investment in owned power generation, the agency said.

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