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Summary: Guelph Hydro Electric Systems Inc. May 11
Standard & Poors, May 2011
The rating on Ontario-based utility Guelph Hydro Electric Systems Inc. (GHESI) reflects what Standard & Poor's Ratings Services views as an excellent business risk profile, which the low-risk regulated monopoly electricity distribution business (LDC) characterizes. Our rating assumes that GHESI will focus on its regulated LDC business and will not expand into the unregulated activities such as renewable generation. What we consider an intermediate financial risk profile, which the company's stable and predictable cash flows support, and lack of access to equity markets offset these credit strengths. Although GHESI is indirectly wholly owned by the City of Guelph (AA/Stable/--), we base our 'A' rating on the company's stand-alone credit risk profile of 'a', given our view that there is a...
Companies mentioned in this report are: Guelph Hydro Electric Systems Inc.
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Guelph Hydro Electric Systems Inc.