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Bulletin: Emera Inc. Ratings Unaffected By Investment In Wind Energy Projects
Standard & Poors
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
TORONTO (Standard & Poor's) May 4, 2011--Standard & Poor's Ratings Services today said that Halifax, N.S.-based Emera Inc.'s (BBB+/Stable/--) investment in a portfolio of wind energy projects in the U.S. Northeast (through Northeast Wind, a subsidiary of First Wind Holdings LLC) will not affect our ratings on the company. The total investment is approximately US$250 million, for a 75% interest. Algonquin Power Co. (BBB-/Stable/--) will own the other 25%. This transaction expands the scope of Emera's nonregulated business and increases the risk of cash flow fluctuation. The investment, in our opinion, constrains the company's financial flexibility to some degree because it is being debt-financed. In addition, it reinforces our view of Emera as acquisitive, which has the potential to increase...
Companies mentioned in this report are: Emera Inc.
Action: Bulletin
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