S&P affirms Toronto Hydro

Standard & Poor's said it affirmed the A long-term corporate credit and senior unsecured debt ratings on Toronto Hydro Corp.

The outlook is stable.

"We base the ratings affirmation on what we view as a predictable and transparent regulatory regime, stable company operations, and no change in the business risk profile of electricity distribution within the Ontario market framework," S&P analyst Nicole Martin said in a statement.

Ratings reflect the credit risk profile of its key subsidiary Toronto Hydro-Electric System Ltd.

The company's business risk profile reflects its monopoly, low-risk, regulated electricity distribution business and solid customer base, S&P noted.

Offsetting these strengths is THC's significant financial risk profile and sizable capital expenditure pressures related to aging infrastructure, the agency said.

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