​Credit Ratings

Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities and are indicators of the likelihood of payment and of the capacity and willingness of an issuer to meet its financial commitment on an obligation in accordance with the terms of the obligation. A security rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time by the rating organization.

 

Company Security DBRS S&P
ATCO Ltd. Issuer Rating A (low) A-
Canadian Utilities Limited Debentures A A-
Commercial Paper R-1 (low) A-1 (mid)
Preferred Shares PFD-2 (high) P-2
CU Inc. Debentures A (high) A-
Commercial Paper R-1 (low) A-1 (mid)
Preferred Shares PFD-2 (high) P-2
ATCO Gas Australia
Debentures - BBB+



 

Long Term Debt and Issuer Credit Ratings

An A rating by DBRS is the third highest of ten categories. Long term debt rated A is of good credit quality. The capacity for the payment of financial obligations is substantial. Each rating category other than AAA and D contains the subcategories (high) and (low). The absence of either a (high) or (low) designation indicates the rating is in the middle of the category.

An A rating by S&P is the third highest of ten categories. An obligor rated A by S&P has strong capacity to meet its financial commitments. A BBB rating by S&P is the fourth highest of the ten categories. An obligator rated BBB by S&P has adequate capacity to meet its financial obligations. Ratings from AA to CCC may be modified by the addition of a plus or minus sign to show relative standing within the major rating categories.

Commercial Paper and Short Term Debt Credit Ratings

An R-1 (low) rating by DBRS is a subcategory in the highest of six categories and is granted to short term debt of good credit quality. The capacity for the payment of short-term financial obligations as they fall due is substantial. Rating categories R-1 and R-2 are further denoted by the subcategories (high), (middle), and (low).

An A-1 (mid) rating by S&P is the second highest of eight categories in its Canadian commercial paper ratings scale. A short-term obligation rated A-1 (mid) reflects a strong capacity for the obligor to meet its financial commitment on the obligation.

Preferred Share Credit Ratings

A Pfd-2 rating by DBRS is the second highest of six categories. Preferred shares rated Pfd-2 are of satisfactory credit quality. Protection of dividends and principal is substantial. Each rating category is denoted by the subcategories (high) and (low). The absence of either a (high) or (low) designation indicates the rating is in the middle of the category.

A P-2 rating by S&P is the second highest of eight categories S&P uses in its Canadian preferred share rating scale. An obligation rated P-2 exhibits adequate protection parameters. A (high) or (low) designation shows relative standing within a rating category. The absence of either a (high) or (low) designation indicates the rating is in the middle of the category.


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