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Feds to Help Newfoundland With Muskrat Falls Debt

CANADA
(MNI) OTTAWA
  • Canadian Prime Minister Justin Trudeau says Thursday the federal government will find permanent, long-term solution for indebted and over budget Muskrat Falls hydroelectric project
  • Newfoundland and Labrador Premier says at joint announcement that CAD844 million of debt financing was due this month that would have gone on the province's books
  • Full financial restructuring will be done by time project is commissioned, premier said, adding this may include debt and/or a federal equity stake
  • Newfoundland was focus of market concerns earlier this year when debt markets started freezing up, prompting the Bank of Canada to start buying more provincial paper and create a special program to purchase bonds
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com
MNI Ottawa Bureau | +1 613-314-9647 | greg.quinn@marketnews.com

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