Fitch rates Hydro-Quebec debt AA-

Fitch Ratings said it assigned an AA- rating to Hydro-Quebec's additional C$500 million in series JQ debentures.

The debentures, with a 4% coupon, are due Feb. 15, 2055.

This tranche of series JQ debentures is in addition to the C$1.5 billion presently outstanding, also rated AA-.

The debt is part of the company’s borrowing program for 2018. Bond proceeds will pay for a portion of its capital program, refinance a portion of outstanding debt and fund general corporate purposes.

Fitch has also affirmed Hydro-Quebec’s AA- long-term issuer default rating and the AA- rating on its C$44.6 billion outstanding parity unsecured debentures and medium-term notes.

The outlook is stable.

The commercial paper rating and short-term issuer default rating were affirmed at F1+ on June 2, 2017.

Fitch said Hydro-Quebec’s outstanding long-term debt is an unsecured parity obligation of the utility supported by an irrevocable and unconditional payment guarantee by the Province of Quebec (AA-/F1+/stable).

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