Fitch: Hydro-Quebec notes AA-

Fitch Ratings said it assigned an AA- rating to Hydro Quebec's issuance of an additional C$500 million of 5% senior debentures due Feb. 15, 2050 and affirmed its AA- long-term issuer default rating, F1 short-term issuer default rating, AA- $36.6 billion of debentures and medium-term notes rating and F1commercial paper rating.

The outlook is stable.

The ratings reflect an unconditional and irrevocable guarantee by the provincial government of Quebec, the company's low-cost hydroelectric power resources, its substantial reservoirs and its history of stable financial performance, Fitch said.

The ratings also consider that the company is currently in the midst of a substantial capital program, with associated construction risks related to the build-out of several large hydroelectric and transmission projects through 2020, the agency said.

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