10:29 AM EDT, 06/11/2024 (MT Newswires) -- S&P Global Ratings on Monday upgraded its credit ratings on Hydro One ( HRNNF ) and its subsidiary Hydro One Inc. to "A" from "A-"

Additionally, the rating agency raised the issue-level rating on Hydro One's ( HRNNF ) senior unsecured debt to "A-" from "BBB+", the issue-level rating on Hydro One's ( HRNNF ) senior unsecured debt to "A" from "A-", and the Global and Canada National scale ratings on Hydro One's ( HRNNF ) commercial paper to "A-1" and "A-1 (Mid)" from "A-2" and "A-1 (Low)", respectively.

The upgrade comes after Hydro One's ( HRNNF ) board updated its executive compensation framework to align it with those in the market, including its industry peers.

"We view this development as restoring the effectiveness of the company's governance structure by aligning the long-term interests and priorities of the Ontario government with those of its other stakeholders," the agency noted. "The stable outlook reflects our expectation that HOL will continue to operate without any undue influence from the government of Ontario and focus on its growing regulated operations in the province."

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