Fitch Ratings on Oct. 23 upgraded the short-term issuer default rating of Algonquin Power Co. to F2 from F3, describing the unregulated power producer's liquidity as "adequate to cover near-term cash outflows."

The Algonquin Power & Utilities Corp. subsidiary's liquidity is mainly supported by a $500 million senior unsecured revolving credit facility maturing Oct. 6, 2023, Fitch said.

Fitch also affirmed the long-term issuer default ratings of Algonquin Power & Utilities, Algonquin Power Co. and regulated utility subsidiary Liberty Utilities Co. at BBB, with stable outlooks. The short-term issuer default ratings of Algonquin Power & Utilities and Liberty Utilities were affirmed at F2.