Fitch rates Hydro-Quebec notes AA-

Fitch Ratings said it assigned an AA- rating to Hydro-Quebec's filing of $3 billion medium-term note program update.

The long-term issuer default rating is AA-.

The outlook is stable.

Proceeds will fund a portion of the company's capital program and/or refinance maturing debt.

The ratings reflect the irrevocable and unconditional guarantee provided by the government of Quebec, low cost hydroelectric power, competitive electric rates and sound financial position, the agency said.

The ratings also reflect increasing leverage and financial metrics that will tighten through 2013, the agency said.

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