Long-term debt

Year Moody’s S&P Global Ratings Fitch Ratings DBRS
2018 Aa2 AA– AA– A (high)
2017 Aa2 AA–* AA– A (high)
2016 Aa2 A+ AA– A (high)
2015 Aa2 A+ AA– A (high)
2014 Aa2 A+ AA– A (high)
2013 Aa2 A+ AA– A (high)
2012 Aa2 A+ AA– A (high)
2011 Aa2 A+ AA– A (high)
2010 Aa2 A+ AA– A (high)
2009 Aa2 A+ AA– A (high)

*In 2017, Standard & Poor’s upgraded the credit rating of the Québec government, Hydro-Québec’s shareholder and guarantor, from A+ to AA–.

Commercial paper

Year Moody’s S&P Global Ratings Fitch Ratings DBRS
2018 P-1 A-1+ F1+ R-1 (middle)
2017 P-1 A-1+ F1+ R-1 (middle)
2016 P-1 A-1+ F1+ R-1 (middle)
2015 P-1 A-1+ F1+ R-1 (middle)
2014 P-1 A-1+ F1+ R-1 (middle)
2013 P-1 A-1+ F1+ R-1 (middle)
2012 P-1 A-1+ F1+ R-1 (middle)
2011 P-1 A-1+ F1+ R-1 (middle)
2010 P-1 A-1+ F1+ R-1 (middle)
2009 P-1 A-1+ F1+ R-1 (middle)

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