AZP Upgraded to P-4(low) by S&P

Dec 14 06:12 2019 Print This Article

Standard & Poor’s has announced:

On Dec. 13, 2019, S&P Global Ratings raised its issuer credit rating on Atlantic Power Corp. (APC) to ‘BB-‘ from ‘B+’ based on its improving leverage profile.

At the same time, S&P Global Ratings raised APLP Holdings Limited Partnership’s issue-level ratings on the $400 million outstanding term loan B, $200 million revolving credit facility, and C$210 million medium-term notes to ‘BB’ from ‘BB-‘.

We also raised our rating on the preferred shares at Atlantic Power Preferred Equity Ltd. to ‘B-‘ from ‘CCC+’ and P-4 (Low) from P-5 (High) on the Canadian national scale.

The ‘2’ recovery rating on all debt tranches is unchanged, indicating our expectation for substantial recovery (70%-90%; rounded estimate: 80%) in the event of a default.

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PrefBlog

PrefBlog is presented as a public service by Hymas Investment Management Inc., Manager / Trustee of Malachite Aggressive Preferred Fundand publisher of PrefLetter, a monthly newsletter directed towards long term buy-and-hold retail investors. James Hymas, president of Hymas Investment Management Inc, with years of experience designing quantitative investment technology and applying this technology to conservative portfolios, seeks to provide institutions and retail investors with the information and advice necessary to produce top quartile returns in the preferred share market without the assumption of excess risk.

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