Toronto, December 17, 2015 -- Moody's Investors Service, ("Moody's") downgraded TransAlta Corporation's (TransAlta or TAC) ratings, including its senior unsecured ratings to Ba1 and assigned the company a Ba1 Corporate Family rating (CFR), Ba1-PD Probability of Default rating and SGL-2 speculative grade liquidity rating. The company's ratings outlook is stable. For a full ratings list see the end of this press release. This completes the review that commenced on September 30, 2015.

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