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Bulletin: Great Lakes Hydro Income Fund Stability Rating Unaffected By C$945 Million Assets Purchase Jul 09
Standard & Poors, July 2009
Abstract
TORONTO (Standard & Poor's) July 7, 2009--Standard & Poor's Ratings Services today said that Great Lakes Hydro Income Fund's (GLHIF) announcement that it intends to purchase most of the Canadian assets of Brookfield Renewable Power Inc. (BRP; BBB/Negative/A-3) will not affect the 'SR-2' stability rating on the company. The fund also announced it will be converting to a corporation by Jan. 1, 2011. The approximately C$945 million purchase includes 15 hydro stations and one wind farm under development. The transaction will be financed by a C$760 million equity offering and a C$200 million corporate note. BRP will hold the corporate note and subscribe for 50% of the equity to retain its 50.01% ownership interest in the fund. Most of the...
Companies mentioned in this report are: Brookfield Renewable Power Inc.,Brookfield Renewable Power Fund
Action: General Comment
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.
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