S&P rates Liberty Utilities Finance, notes BBB

S&P said it assigned BBB ratings to Liberty Utilities Finance GP1 (LUF GP1), a financing subsidiary of Liberty Utilities Co. (LU Co.). Algonquin Power & Utilities Corp. owns LU Co.

“We have assigned our BBB issue-level rating to LUF GP1's senior unsecured debt issuance because the notes are fully and unconditionally guaranteed by LU Co. We typically treat the debt issued by subsidiaries that are financing vehicles (in this case LUF GP1) as if it were issued by the parent (in this case LU Co.), consistent with our criteria,” S&P said in a press release.

The BBB issuer rating mirrors the view that LUF GP1 is a core subsidiary of Algonquin, S&P said.

The outlook is stable, reflecting the outlook on Algonquin.

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