DBRS confirms Pingston Power

DBRS said it confirmed the rating on the senior secured bonds of Pingston Power Inc. at A (high) with a stable trend.

The rating is supported, according to Fitch, by a power purchase agreement with British Columbia Hydro & Power Authority (BC Hydro, rated AA (high) with a stable trend), under which Pingston sells all its energy production to BC Hydro at an inflation-adjusted fixed price through 2023.

Fitch said the rating continues to be constrained by hydrology risk and operating risk, although performances in both areas have been close to or above the baseline levels in the past few years.

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