20180126Avista to Staff_DR_095(H1).DOCX

HYDRO ONE LIMITED
RESPONSE TO REQUEST FOR INFORMATION
JURISDICTION:OREGONDATE PREPARED:10/02/2017
CASE NO.:UM 1897WITNESS:Chris Lopez
REQUESTER:PUC StaffRESPONDER:Adele PantusaTYPE:Data RequestDEPT:Law
REQUEST NO.:Staff – 095(H1)TELEPHONE:[phone]EMAIL:[e-mail]:For each of the four most recent debt security issuances with a maturity over one-year, please provide:Credit rating agency that provided services and credit ratings; Primary holders of these securities if known to Hydro One;Hydro One’s assessment of whether these securities experienced active secondary market trading, or tended to be held, as to maturity such as by an insurance company.RESPONSE:All dollar values are in Canadian dollars.a) The four most recent debt security issuances were:$1.54 billion convertible debenture offering by Hydro One Limited on August 1, 2017. These securities were not rated by the credit rating agencies.$950 million two tranche 3 year and 31 year medium term note offering by Hydro One Inc. on November 18, 2016. These securities were rated A (stable) by Standard & Poor’s Rating Services, A (high) (stable) by DBRS Limited and A3 (stable) by Moody’s Investors Services, Inc.$1.35 billion three tranche 5 year, 10 year and 30 year medium term note offering by Hydro One Inc. on February 24, 2016. These securities were rated A (stable) by Standard & Poor’s Rating Services, A (high) (stable) by DBRS Limited and A3 (stable) by Moody’s Investors Services, Inc.$350 million 5 year medium term note offering by Hydro One Inc. on April 30, 2015. The debt issue was rated A (stable) by Standard & Poor's Rating Services, A (high) (stable) by DBRS Limited and A1 (negative) by Moody's Investors Services, Inc.b) Hydro One does not have a mechanism to track ownership of these securities.c) Hydro One is aware that these securities are traded in the over-the-counter market but is not in a position to assess the extent to which these securities experienced active secondary market trading.