Negative outlook rating... S&P Revises Outlook on Algonquin Power & Utilities, Units to Negative
2021-10-29 11:29:23 AM ET (MT Newswires)
11:29 AM EDT, 10/29/2021 (MT Newswires) -- S&P Global Ratings said Thursday that it has revised its outlook on Algonquin Power & Utilities Corp. (AQN.TO) and its subsidiaries, Liberty Utilities Co., Liberty Power, Liberty Utilities GP 1, and The Empire District Electric Co., to negative from stable.
The outlook revision reflects the lack of certainty regarding the acquisition's funding plan beyond the announced common equity issuance in 2021, the rating agency said.
The company's stock dropped 0.2% on last look on Friday.
S&P also affirmed BBB issuer credit ratings on these companies. Also, also placed the rating on Liberty Utilities GP 1's senior unsecured debt on CreditWatch with negative implications.