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.
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Newfoundland Power Inc.
Vice President, Finance and Chief Financial Officer