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Jul 6, 2020 · Negative. Evolving. Stable. Algonquin Power & Utilities Corp. Entity with Fitch Analyst Adjusted Financials as featured on Fitch Ratings. Credit Ratings, Research and Analysis for the global capital markets.
- Algonquin Power & Utilities Corp.
Algonquin Power & Utilities Corp. Wed 10 Apr, 2024 - 8:56 PM...
- Algonquin Power Co. Credit Ratings
Credit Ratings, Research and Analysis for the global capital...
- Algonquin Power & Utilities Corp.
Jul 6, 2022 · Wed 06 Jul, 2022 - 10:16 AM ET. Algonquin Power & Utilities Corp.’s (APUC) ‘BBB’ Long-Term Issuer Default Rating (IDR) primarily reflects the company’s ownership of Liberty Utilities Co. (LUCo, BBB/Stable), which owns regulated utility businesses, and Algonquin Power Co. (APCo, BBB/Stable), an unregulated power generation company.
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- Key Rating Drivers
- Derivation Summary
- Key Assumptions
- Rating Sensitivities
- Best/Worst Case Rating Scenario
- Liquidity and Debt Structure
- Issuer Profile
- Summary of Financial Adjustments
- ESG Considerations
- Applicable Models
APUC Acquisition of Kentucky Power Fitch views LUCo's acquisition of Kentucky Power Company and AEP Kentucky Transmission Company, Inc. as neutral to the credit quality of APUC and LUCo. The ratings are supported by the underlying credit quality of Kentucky Power, its regulated integrated electric utility operations that have approximately 228,000 ...
APUC APUC's 'BBB' Long-Term IDR is appropriately positioned relative to peer parent holding companies NextEra Energy, Inc. (A-/Stable) and AVANGRID, Inc. (BBB+/Negative). APUC's proportion of consolidated EBITDA from regulated utility operations is 75%-80%, more than NextEra (70%-75%) and AVANGRID (75%). Fitch forecasts APUC's consolidated FFO leve...
Fitch's Key Assumptions Within Its Rating Case for the Issuer Include: --Consolidated capital plan of $12.4 billion over 2022-2026 (includes Kentucky Power acquisition in 2022). --Kentucky Power acquisition to close mid-2022 and be funded in a credit-supportive manner that will not meaningfully increase long-term leverage at APUC or LUCo. --Approxi...
Factors that could, individually or collectively, lead to a positive rating action/upgrade: APUC --APUC's ratings are capped by the ratings on LUCo; LUCo's Long-Term IDR would need to be upgraded in order for APUC's Long-Term IDR to be upgraded. --Consolidated FFO leverage expected to remain at less than 4.5x on a sustained basis. LUCo --FFO levera...
International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, m...
Adequate Liquidity: Fitch considers the liquidity for APUC, LUCo and APCo to be adequate. APUC has a $500 million senior unsecured RCF that matures July 12, 2024. APUC had $289.9 million drawn and $3.8 million of letters of credit (LCs) issued as of Dec. 31, 2021, leaving $206.3 million of unused availability under its RCF. APUC has a separate $50 ...
APUC is a holding company that owns diversified international utility and power generation operations through LUCo, APCo and its other subsidiaries and investments.
Financial statement adjustments that depart materially from those contained in the published financial statements of the relevant rated entity are disclosed below: --APUC's junior subordinated notes are given 50% equity credit. --APUC's series A and D preferred stock are given 50% equity credit.
Unless otherwise disclosed in this section, the highest level of ESG credit relevance is a score of '3'. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. For more information on Fitch's ESG Relevance Scores, visit www.fit...
Numbers in parentheses accompanying applicable model(s) contain hyperlinks to criteria providing description of model(s).
Aug 16, 2023 · Key Rating Drivers. Algonquin Power & Utilities Corp. Fully Regulated Business: APUC's business risk profile is supported by stable and predictable earnings from Liberty Utilities Co's (LUCo) regulated utility operations, which are expected to contribute about 85% of EBITDA post non-regulated assets divestiture. The remainder of EBITDA is ...
Algonquin Power Co. (Liberty Power) 'BBB' Issuer Credit Rating Placed On CreditWatch Negative On Group Status Review. On May 11, 2023, Algonquin Power & Utilities Corp. (APUC) announced it will conduct a strategic review of its renewable energy group), which includes subsidiary Algonquin Power Co. (d/b/a Liberty Power; LPCo).
