(September 20 – 11:30 ET) – CBRS is rating Great Lakes Power Trust’s $100 million of First Mortgage bonds at A (low) and a stability rating of S-2 with a stable outlook.

Nexfor Inc. is selling its interest in Great Lakes’ Income Fund by way of an initial public offering. The Fund has been created to acquire Nexfor’s Quebec-based power generation, transmission and distribution network. The proceeds of this issue will partly finance the deal.

CBRS says its rating is based on the trust’s above-average asset and earnings protection, its low cost power generating stations, and its stable, sustainable cash flow. The bonds are redeemable at any time before maturity.

The S-2 rating means that the fund is considered to have “Very High Stability” and “favourable long-term investment characteristics”.

-IE Staff

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http://www.cbrs.com/news/