OPG'S long-term corporate credit rating increased to "A-"

    TORONTO, Aug. 14 /CNW/ - Ontario Power Generation Inc. ("OPG" or the
"Company") today reported that on August 13, 2008, Standard & Poor's (S&P)
announced that it raised the long-term corporate credit rating on Ontario
Power Generation Inc. (OPG) to "A-" from "BBB+". At the same time, S&P
affirmed the "A-2" global scale and "A-1(Low)" Canada scale commercial paper
rating on OPG. The outlook is stable.
    In its announcement, S&P stated that the upgrade in OPG's long-term
rating reflects a "closer relationship between the company and its
higher-rated owner, the Province of Ontario (AA/Stable/A-1+); and a slightly
stronger stand-alone credit profile, given regulatory support and an expected
improvement in cash flow metrics". In addition, it was noted that regulatory
oversight by the Ontario Energy Board with respect to establishing regulated
prices for OPG's baseload nuclear and baseload hydroelectric assets, a diverse
generation portfolio, and cost-competitive position support OPG's strong
business risk profile. For more information, refer to the S&P press release of
August 13, 2008.
    In September 2005, S&P affirmed OPG's long-term corporate credit rating
at BBB+ and revised its outlook to "positive" from "developing".

    Ontario Power Generation Inc. is an Ontario-based electricity generation
company whose principal business is the generation and sale of electricity in
Ontario. Our focus is on the efficient production and sale of electricity from
our generation assets, while operating in a safe, open and environmentally
responsible manner.

For further information:

For further information: Investor Relations, (416) 592-6700,
1-866-592-6700, investor.relations@opg.com; Media Relations, (416) 592-4008,

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