Enova Power Corp.: Rating Report

On September 12, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of Enova Power Corp. (Enova) at “A” with a Stable trend. The Issuer Rating is based on (1) Enova’s regulated electricity distribution business in Ontario, which provides a predictable source of earnings and cash flows; (2) Enova’s strong credit metrics; and (3) support from Enova’s municipal shareholders. The Stable trend reflects DBRS Morningstar’s expectation that Enova’s business risk and credit metrics will remain stable in the medium term.