TORONTO, ONTARIO--(Marketwired - Nov. 28, 2013) -
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Northland Power Inc. ("Northland") (TSX:NPI)(TSX:NPI.PR.A)(TSX:NPI.PR.C)(TSX:NPI.DB.A) announced today that Standard and Poor's credit rating agency has upgraded the company's corporate credit rating to 'BBB' stable from 'BBB-' positive. In addition, Standard & Poor's raised its global scale and Canada scale preferred stock ratings on Northland to 'BB+' and 'P-3 (High)' from 'BB' and 'P-3', respectively. Standard & Poor's also affirmed its 'BBB' issue-level rating on the company's senior unsecured debt.
Standard and Poor's noted, "The upgrade reflects our assessment of Northland's consistent and stable cash flow as well as its strong track record of completing projects on time and within budget."
John Brace, Northland's President and CEO commented, "Northland is pleased that Standard and Poor's recognizes the progress that Northland has made in delivering quality power projects that produce stable and predictable cash flows. This is demonstrated by our increasingly diverse operating portfolio, including the recently operating North Battleford facility and first six ground mounted solar projects. We look forward to adding more projects from our development pipeline."
Standard and Poor's noted in their report that Northland's potential investment in the 600MW off-shore wind project (Gemini) was factored into the rating considerations.
Northland is an independent power producer founded in 1987, and publicly traded since 1997. Northland produces 'clean' (natural gas) and 'green' (wind, solar, and hydro) energy, providing sustainable long-term value to shareholders, stakeholders, and host communities. The company owns or has a net economic interest in 1,329 MW of operating generating capacity, with an additional 90 MW (60 MW net to Northland) of generating capacity currently in construction, and another 190 MW (119 MW net to Northland) of wind, solar and run-of-river hydro projects with awarded power contracts. In addition, Northland has acquired the rights to a majority equity stake in Gemini, a 600 MW offshore wind project located 85 km off the coast of the Netherlands in the North Sea. Northland's cash flows are diversified over five geographically separate regions and regulatory jurisdictions in Canada, Europe and the United States.
Northland's common shares, Series 1 and Series 3 preferred shares and convertible debentures trade on the Toronto Stock Exchange under the symbols NPI, NPI.PR.A, NPI.PR.C and NPI.DB.A, respectively.