S&P gives 'BBB-minus' rating to Innergex

NEW YORK

Standard & Poor's is giving Canadian power generator Innergex Renewable Power Inc. a "BBB-" rating and rates preferred shares at "BB," citing its diversified assets.

S&P said Monday the ratings reflect the long-term power-purchase deals that Innergex has with parties that have strong-to-excellent credit quality of their own.

S&P analyst Bato Kacarevic said the strong deals were balanced by risks centering on water and wind flows, construction and project debt.

Innergex has hydro and wind-power plants that sell power to government-owned utilities in Quebec, Ontario and British Columbia.

S&P said its outlook is "Stable." About 479.5 million Canadian dollars ($456.1 million) in debt was outstanding at June 30.