Industry Report Card: Despite The Hurdles, Canadian Utilities Proceed With Their Expansion Plans Aug 11
Standard & Poors, August 2011
Abstract
Canadian utilities and pipeline companies have been active in acquisitions and project developments recently, and this has had an effect on credit quality for some of them. Weak market conditions, evolving environmental regulations, and increased scrutiny by provincial regulators in rate decisions for some utilities could combine to stress medium-term revenue prospects for companies in the sector. Notwithstanding that, Standard & Poor's Ratings Services doesn't expect credit quality of Canadian utilities and pipeline companies to weaken in the near-to-medium term, so long as they do not add substantive assets with higher cash flow variability or adopt more aggressive financial leverage policies to support growth aspirations. We maintain our view that the sector's debt growth and refinancing risks are manageable as...
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: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- Gaz Metro Inc.
- Enbridge Pipelines Inc.
- TransCanada PipeLines Ltd.
- Enbridge Inc.
- Brookfield Renewable Power Inc.
- Hydro One Inc.
- TransAlta Corp.
- Maritime Electric Co. Ltd.
- EPCOR Utilities Inc.
- Enbridge Gas Distribution Inc.
- Caribbean Utilities Co. Ltd.
- Westcoast Energy Inc.
- Union Gas Ltd.
- Emera Inc.
- Nova Scotia Power Inc.
- Fortis Inc.
- Algonquin Power Co.
- Trans Quebec & Maritimes Pipeline Inc
- ATCO Ltd.
- Canadian Utilities Ltd.
- CU Inc.
- Atlantic Power Limited Partnership
- Brookfield Renewable Power Fund
- Northland Power Inc.
- Inter Pipeline Fund
- AltaGas Ltd.
- Ontario Power Generation Inc.
- Toronto Hydro Corp.
- Hamilton Utilities Corp.
- Hydro Ottawa Holding Inc.
- Electricity Distributors Finance Corp.
- London Hydro Inc.
- Pembina Pipeline Corp.
- Veresen Inc.
- AltaLink L.P.
- AltaLink Investments L.P.
- Capstone Infrastructure Corp.
- ENMAX Corp.
- ENTEGRUS Inc.
- Inter Pipeline (Corridor) Inc.
- FortisAlberta Inc.
- Capital Power L.P.
- UMH Energy Partnership
- Gibson Energy ULC
- Horizon Holdings Inc.
- Guelph Hydro Electric Systems Inc.
- Innergex Renewable Energy Inc.
- Capital Power Corp.
- Enersource Corp.
- TC PipeLines L.P.
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