10:37 AM EDT, 03/20/2024 (MT Newswires) -- Fitch Ratings said Tuesday that it has affirmed the long-term issuer default ratings of Algonquin Power & Utilities ( AQNB ) and its regulated utility subsidiary, Liberty Utilities Co. at BBB.

The rating outlook for the companies is stable.

Also, Fitch has removed Algonquin Power Co. from Rating Watch Evolving and has downgraded its long-term issuer default rating to BBB- from BBB and its short-term issuer default rating to F3 from F2.

The rating agency has assigned a stable rating outlook to Algonquin Power Co.

"The downgrade reflects uncertainty about APCo's future capitalization, higher than expected leverage and weaker financial performance linked to 2023 wind resources below long-term average," the agency noted.

Additionally, Fitch affirmed the debt security ratings for Algonquin Power & Utilities ( AQNB ), Liberty Utilities, Liberty Utilities Finance GP1, and the companies' short-term IDRsissuer default rating at F2, and has downgraded Algonquin Power Co.'s debt security rating to BBB- from BBB.

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