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Fitch rates Hydro-Quebec debentures AA-
Fitch Ratings said it assigned an AA- rating to Hydro-Quebec's C$500 million debentures, series JN, due Feb. 15, 2050. The outlook is stable.
This tranche of series JN debentures is in addition to C$5.5 billion presently outstanding and due in 2050.
According to Fitch, the additional increase is part of the company's borrowing program for 2012. The bond proceeds will be used to pay for a portion of Hydro-Quebec's capital investment program, to refund a portion of outstanding debt and for general corporate purposes.
The company's debt is secured by the net revenues of the consolidated Hydro-Quebec system. Commercial paper notes are on parity with outstanding unsecured debentures and medium-term notes.
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