Fitch rates Hydro-Quebec debt AA-

Fitch Ratings said it assigned an AA- rating to Hydro-Quebec's C$500 million series JQ debentures due Feb. 15, 2055.

The new series of debentures is part of Hydro-Quebec’s 2014 borrowing program.

The outlook is negative.

Proceeds will pay for a portion of the company’s capital investment program, refinance a portion of outstanding debt and fund general corporate purposes.

The debentures are unconditionally guaranteed by the Province of Quebec (AA-; negative). They are on par with C$43.4 billion of outstanding debentures and medium-term notes (AA-; negative).

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