Summary: Guelph Hydro Electric Systems Inc. May 11

Standard & Poors, May 2011

Abstract
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.
Action: Review

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.

Guelph Hydro Electric Systems Inc.

Customers who bought this item also bought

• Best Practices in Student Retention, 2012 Edition
• Global Higher Education Technology Transfer Office Staffing & Compensation
• The US Defense Industry – Market Opportunities and Entry Strategies, Analyses and Forecasts to 2016
• Global Higher Education Technology Transfer Office Outreach & Marketing Activities
• Commercial Unmanned Aerial Systems (UAS): Market Shares, Strategies, and Forecasts, Worldwide, 2012 to 2018
• South Korea Infrastructure Report Q2 2012
• Unmanned Aerial Systems (UAS): Market Shares, Strategies, and Forecasts, Worldwide, 2012 to 2018
• The US Defense Sector – Market Opportunities and Entry Strategies, Analyses and Forecasts to 2015
• Military Microgrids Market Potential
• Future of the Japanese Defense Industry - Market Attractiveness, Competitive Landscape and Forecasts to 2018