February 3, 2009 - Financial releases
Montreal, February 3, 2009 – The rating agency DBRS confirmed on January 30, 2009, the "A" rating, with a stable outlook, for Gaz Métro inc.’s First Mortgage Bonds. According to DBRS, this rating reflects the strong business profile and the financial stability of the company’s principal operating entity, Gaz Métro Limited Partnership (TSX: GZM.UN, Gaz Métro).
In its press release, DBRS mentions that Gaz Métro continues to generate a significant share of its earnings and cash flow from its regulated activities, including natural gas distribution in Québec and Vermont and electricity distribution in Vermont.
‘’DBRS’s announcement confirms once again Gaz Métro’s financial stability and strength, two crucial elements in this challenging economic environment’’, says Pierre Despars, Executive Vice President and Chief Financial Officer.
On October 14, 2008, while the financial markets were in turmoil, Gaz Métro inc. announced the closing of a $150 million offering of 5.40% series L First Mortgage Bonds, which will mature on April 15, 2013
First Quarter Financial Results
The Partnership will hold a telephone conference with financial analysts on Wednesday, February 4, 2009, at 4:00 p.m. (Eastern Time) to discuss its results for the first quarter ended December 31, 2008. Sophie Brochu, President and Chief Executive Officer, and Pierre Despars, Executive Vice President and Chief Financial Officer, will be the main speakers.
The conference can be accessed live by dialling 416-644-3414 or toll-free 1-800-733-7560. It will also be Webcast on Gaz Métro’s Web site (www.gazmetro.com/investors) in the “Webcasts” section. The conference will be available for 30 days by telephone at 416-640-1917 or toll-free at 1-877-289-8525 (access code: 21294929#), and for 90 days on Gaz Métro’s Web site.
Gaz Métro Overview
With nearly $3.3 billion in assets, Gaz Métro is Quebec’s natural gas distribution company. Working in this regulated industry for over 50 years, Gaz Métro has become the trusted energy provider to over 175,800 customers in Quebec and 134,500 customers in Vermont while developing the skills and expertise needed to diversify beyond natural gas. Gaz Métro’s prudent growth strategy has been met with the successful entry into electricity distribution in Vermont and in the wind power sector. Offering strong and stable distributions with a competitive spirit, Gaz Métro is committed to its customers, unitholders, employees and community
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