LONGUEUIL, QC, Nov. 1 /CNW Telbec/ - Innergex Power Income Fund
(TSX: IEF.UN) (the "Fund") announces that, in a report released on October 26,
2007, Standard and Poor's Rating Services ("S&P") upheld the Fund's SR-2
Canadian stability rating with a moderate distribution profile assessment and
a stable outlook. This report follows the Fund's announcement of its
acquisition of a 38% interest in two wind farms having a total installed
capacity of 210 MW and the 3.5cents increase in its distributions to $1.00 per
unit, on an annualized basis.
In the report, S&P explains that the Fund's "stable outlook" is based on
"Innergex's relatively high level of distributable cash flow stability,
underpinned by long-term PPAs with strong counterparties, although it is
somewhat offset by increased leverage and a moderate distribution profile
assessment." Regarding the level of indebtedness through additional financing,
S&P confirms that "Innergex's financial profile before the acquisitions was
considered modest, and hence the additional leverage brings the fund's
financial profile to a typical level that is similar to those of other "SR-2"
rated power income funds."
Innergex Power Income Fund is an open-ended income trust that indirectly
owns ten hydroelectric power generating facilities with a total installed
capacity of 129.9 MW. The facilities are operated and managed by Innergex
Renewable Energy Inc. under long-term agreements with the Fund.
Investors should note that some statements in this press release are
forward-looking and may not give full weight to all potential risks and
uncertainties. Forward-looking statements are, by their nature, subject to
risks and uncertainties, and actual results, actions or events could
materially differ from those set forth in the forward-looking statements. All
forward-looking statements are only valid as of the date they were made. The
Fund does not undertake to update forward-looking statements.
For further information:
For further information: Mr. Jean Trudel, Vice-President - Finance and
Investor Relations, Innergex Renewable Energy Inc., (450) 928-2550, ext. 252,