The Senior Unsecured Debentures and Notes issued by
DBRS Morningstar notes that the Coronavirus Disease (COVID-19) pandemic and its impact on economic activity resulted in merchant electricity prices decreasing in 2020. BEP was not materially affected by this because of its diversified portfolio of contracted assets. BEP's contracted portfolio remains strong with an average remaining contract life of 14 years. The contracts are well diversified with more than 600 counterparties and strong with more than 80% of contract counterparties being power authorities, distribution companies, or BAM affiliates. As of
DBRS Morningstar notes that BEP's size and diversification improved in 2020 following BEP's merger with
DBRS Morningstar focuses on BEP's key modified consolidated metrics to assess its financial profile because (1) substantial debt is at the project level, which is nonrecourse to BEP, and are self-financed and (2) distributions to BEP from projects are net of cash distributions to noncontrolling interest partners. DBRS Morningstar notes that BEP's 2020 and LTM key credit metrics, both on a consolidated and modified consolidated basis remain strong. For 2020 and LTM, modified consolidated cash flow-to-debt was 34%. BEP's corporate liquidity remained strong with approximately
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
All figures are in
The principal methodologies are Rating Companies in the Independent Power Producer Industry (
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
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Ratings
Date Issued Debt Rated Action Rating Trend Attributes
i
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
26-May-21 Subordinated Notes Confirmed BBB (low) Stb CA
Date Issued Debt Rated Action Rating Trend Attributes
i
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
26-May-21 Issuer Rating Confirmed BBB (high) Stb CA
26-May-21 Class A Preferred Limited Partnership Units (U.S. ) Confirmed BBB (low) Stb CA
26-May-21 Class A Preferred Limited Partnership Units Confirmed Pfd-3 (high) Stb CA
Brookfield Renewable Partners ULC
Date Issued Debt Rated Action Rating Trend Attributes
i
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
26-May-21 Senior Unsecured Debentures and Notes Confirmed BBB (high) Stb CA
Date Issued Debt Rated Action Rating Trend Attributes
i
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
26-May-21 Class A Preference Shares Confirmed Pfd-3 (high) Stb CA
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