Credit Rating Report

Northwestern Hydro Acquisition Co III LP: Rating Report

Infrastructure and Project Finance

Summary

On March 18, 2022, DBRS Limited (DBRS Morningstar) changed the trends on Northwestern Hydro Acquisition Co III LP’s (the Issuer) Issuer Rating, Senior Secured Bonds-Series - 2038-1, and Senior Secured Bonds - Series 2038-2 to Negative from Stable and confirmed the ratings at A (low).

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