OAKVILLE, ON, Oct. 11, 2013 /CNW/ - Algonquin Power & Utilities Corp.
("APUC") (TSX: AQN) today reported that Standard & Poor's Ratings
Services has raised its long-term corporate credit rating on APUC and
subsidiaries Algonquin Power Co. ("APCo") and Liberty Utilities Co.
("Liberty") to 'BBB' from 'BBB-'. As well, Standard & Poor's raised its
global scale and Canada scale preferred stock ratings on APUC to 'BB+'
and 'P-3 (High)' from 'BB' and 'P-3', respectively.
According to Standard & Poor's, the upgrade reflects a significant
increase in regulated cash flow from Liberty owing to a number of
acquisitions in the past 18 months, as well as a forecast that adjusted
funds from operations-to-debt levels will continue to increase in the
Standard & Poor's has also provided a stable outlook for the company
owing to the assessment of relatively stable cash flows, supported by
regulated cash flow from Liberty's regulated utility business, and
APCo's largely contracted power asset portfolio.
"The recognition of the strong creditworthiness of APUC and our
subsidiaries through a BBB rating confirms the stability and
conservatism of our capital structure and should enhance the value of
our equity by reducing the cost of our debt", commented Ian Robertson,
Chief Executive Officer of APUC. "We have consistently run our business
within the scope of investment grade credit metrics in order to
maintain a stable investment environment for our shareholders today and
in the future".
About Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. owns and operates a diversified $3.0
billion portfolio of regulated and non-regulated utilities in North
America. The company's regulated utility business is committed to
provide water, electricity and natural gas utility services to over
470,000 customers through a nationwide portfolio of regulated
generation, transmission and distribution utility systems. The
company's non-regulated electric generation subsidiary owns and has
interests in renewable energy and thermal energy facilities
representing more than 1,100 MW of installed capacity. Algonquin Power
& Utilities Corp. delivers continuing growth through an expanding
pipeline of renewable power and clean energy projects, organic growth
within its regulated utilities and the pursuit of accretive acquisition
opportunities. Common shares and preferred shares are traded on the
Toronto Stock Exchange under the symbols AQN and AQN.PR.A respectively.
Visit Algonquin Power and Utilities at www.AlgonquinPowerandUtilities.com and follow us on Twitter @AQN_Utilities.
Caution Regarding Forward-Looking Information
Certain statements included in this news release contain information
that is forward-looking within the meaning of certain securities laws,
including information and statements regarding prospective results of
operations, financial position or cash flows. These statements are
based on factors or assumptions that were applied in drawing a
conclusion or making a forecast or projection, including assumptions
based on historical trends, current conditions and expected future
developments. Since forward-looking statements relate to future events
and conditions, by their very nature they require making assumptions
and involve inherent risks and uncertainties. APUC cautions that
although it is believed that the assumptions are reasonable in the
circumstances, these risks and uncertainties give rise to the
possibility that actual results may differ materially from the
expectations set out in the forward-looking statements. Material risk
factors include those set out in the management's discussion and
analysis section of APUC's most recent annual report, quarterly report,
and APUC's Annual Information Form. Given these risks, undue reliance
should not be placed on these forward-looking statements, which apply
only as of their dates. Other than as specifically required by law,
APUC undertakes no obligation to update any forward-looking statements
or information to reflect new information, subsequent or otherwise.
SOURCE: Algonquin Power & Utilities Corp.
For further information:
Algonquin Power & Utilities Corp.
2845 Bristol Circle, Oakville, Ontario, L6H 7H7
Telephone: (905) 465-4500