Summary: Hamilton Utilities Corp

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

Abstract
The ratings on Ontario-based Hamilton Utilities Corp. (HUC) reflect what Standard & Poor's Ratings Services views as the company's excellent consolidated business risk profile, characterized by the low-risk regulated monopoly electricity distribution business (local distribution company [LDC]) of its key holding, Horizon Holdings Inc. (HHI; A/Stable/--). In our opinion, the LDC benefits from supportive regulation and predictable operating cash flow. The ratings also reflect our expectations that the added capital expenditure requirements could result in higher debt in the medium term, as well as that the contribution from unregulated businesses could increase with HHI's planned extension into the solar energy generation business. We expect expansion into unregulated businesses to be measured and contribute to 10% or less of HUC's EBITDA,...

Companies mentioned in this report are: Hamilton Utilities Corp
Action: Review

Hamilton Utilities Corp

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