01:29 PM EDT, 03/26/2024 (MT Newswires) -- S&P Global Ratings on Tuesday assigned its BBB- long-term issue-level rating to Algonquin Power & Utilities' ( AQNB ) unsecured notes due 2026.

The rating assignment is based on the review of the proposed terms and conditions. The company originally issued the notes as components of its 2021 equity units.

The agency assesses the remarketed senior notes as senior unsecured debt because the notes are unsecured and senior to the company's subordinated debt.

"We rate the remarketed debt one notch below our 'BBB' issuer credit rating because priority debts exceed 50% of APUC's consolidated debt. The rating on the proposed remarketed notes is one notch higher than the rating on APUC's hybrid securities," the agency added.

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