Fitch: Hydro-Quebec notes AA-

Fitch Ratings said it assigned an AA- rating to Hydro-Quebec's $1 billion issuance of 2% unsecured notes series JO due June 30, 2016.

The proceeds will be used for general corporate purposes.

The agency also said it affirmed its long-term issuer default rating at AA-, short-term issuer default rating at F1+, $38.7 billion unsecured debentures and medium-term notes at AA- and commercial paper rating at F1+.

The outlook is stable.

The bonds are secured by the net revenues of the company and are on parity with outstanding unsecured debentures and medium-term notes, Fitch said.

The bonds are also secured by an unconditional and irrevocable payment guarantee by the Province of Quebec, the agency said.

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