Fitch: Hydro Quebec notes AA-

Fitch Ratings said it assigned an AA- rating to Hydro Quebec's issuance of C$500 million of 5% senior unsecured debentures due Feb. 15, 2050. This tranche of series JN debentures is in addition to C$4 billion currently outstanding and due in 2050.

Fitch also said it affirmed the company's long-term issuer default rating at AA-, short-term issuer default rating at F1+, $38.7 billion unsecured debentures and medium-term notes at AA- and commercial-paper rating at F1+.

The outlook is stable.

The company's debt is secured by the net revenues of the consolidated company's system, Fitch said.

The ratings are driven by an unconditional guarantee provided by the provincial government of Quebec, the agency said.

This guarantee extends to both the long- and short-term ratings and is the key rating driver for the company, Fitch said.

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