...TORONTO (S&P Global Ratings) May 12, 2017--S&P Global Ratings today said its ratings and outlook on Fortis Inc. (A-/Stable/--) are unaffected following the company's announcement that it has entered an agreement to purchase a two-thirds interest in the Waneta Dam and related transmission assets in British Columbia from Teck Resources Ltd. We consider the transaction neutral to Fortis' financial risk profile. Although cash flow from the Waneta Dam project is unregulated, the asset's cash flow is insignificant compared with that of the company's regulated assets. Moreover, Fortis has a controlling ownership interest in the Waneta Dam expansion project, so the purchase of the hydro assets is a natural extension of the company's footprint in the surrounding area. As a result, the acquisition has minimal impact on our business risk profile assessment of Fortis. We expect that, based on the C$1.2 billion cash purchase price that is financed by cash on hand, debt, and equity, credit metrics will...
