Hydro Ottawa Holding Inc.

Hydro Ottawa Holding Inc.

May 04, 2009 11:17 ET

Hydro Ottawa Credit Rating Upgraded

OTTAWA, ONTARIO--(Marketwire - May 4, 2009) - The Dominion Bond Rating Service (DBRS) has announced that it has upgraded its rating on Hydro Ottawa Holding Inc.'s Senior Unsecured Debt.

The rating was upgraded to "A" from "A (low)", on the strength of the company's financial and operational performance, and confidence regarding its ability to perform well in difficult economic conditions.

The DBRS report on the upgrade states, "The rating upgrade reflects the Company's strong financial profile which has improved over the past five years, its conservative financial policies, and its strong operational performance and low business risk."

The rating agency further notes that it views Hydro Ottawa's customer mix as being reasonably resilient in difficult economic times, and that the impact of the current economic situation on the company's operating performance should be negligible.

"This is a welcome expression of confidence in Hydro Ottawa's operational and financial performance, and affirms our view that Hydro Ottawa is a solid investment for our shareholder both in good economic times and in more challenging conditions," said Hydro Ottawa's President and Chief Executive Officer, Rosemarie Leclair. "We believe it also reflects the company's prudent strategic approach over a number of years, and the commitment to excellence and continuous improvement that employees across our group of companies bring to their work."

DBRS last changed its rating of Hydro Ottawa in September 2007, when it revised the trend on the rating upward from "stable" to "positive".

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