ST. JOHN'S, NEWFOUNDLAND AND LABRADOR--(CCNMatthews - June 8, 2005) - Newfoundland Power Inc. (TSX:FTS) announced today that Moody's Investor Services has assigned an initial rating of 'Baa1', with a stable outlook, to the Company's first mortgage bonds. Newfoundland Power's first mortgage bonds are rated 'A' by the Dominion Bond Rating Service and 'A-' by Standard and Poor's.
"This investment grade rating will help ensure continued access to capital markets on a cost effective basis," said Karl Smith, President and Chief Executive Officer, Newfoundland Power Inc.
With a customer base of over 225,000 accounts, Newfoundland Power is dedicated to providing the highest level of customer service and reliability of electricity in the most cost-efficient manner possible. For more information on Newfoundland Power's programs, services and community partnerships, please visit www.newfoundlandpower.com.
All the common shares of Newfoundland Power are owned by Fortis Inc., a diversified, international electric utility holding company with assets of approximately $4.0 billion and annual revenues of approximately $1.2 billion. The Common Shares, Series C First Preference Shares and Series E First Preference Shares of Fortis Inc. are traded on the Toronto Stock Exchange under the symbols FTS, FTS.PR.C and FTS.PR.E, respectively. Fortis Inc. information can be accessed at www.fortisinc.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Newfoundland Power Inc.
Lisa Hutchens
Vice President, Finance and Chief Financial Officer
(709) 737-5618
