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Emera's Standard & Poor's Ratings Affirmed
Emera and Nova Scotia Power Maintain BBB+/Stable Rating

HALIFAX, Nova Scotia, August 19, 2003, (TSX:EMA): Today, Standard & Poor's affirmed all its ratings on Emera Inc, and Nova Scotia Power, including the BBB+ long-term corporate credit rating and removed the company from CreditWatch. This comes during an industry-wide review of regulated energy companies in Canada, which Standard & Poor's began in March of this year.

"We are pleased Emera's ratings have been affirmed," said Ron Smith, Senior Vice President and Chief Financial Officer. "Our utility businesses provide stable cash flows and the financial flexibility to support our current ratings with Standard & Poor's."

Emera also maintains BBB (High) ratings for long term corporate and senior unsecured debt with the Dominion Bond Rating Service, and a Baa2 rating for senior unsecured debt with Moody's. NSPI maintains an A (low) rating with DBRS for senior unsecured debt, and a Baa1 rating with Moody's for senior unsecured debt.

About Emera Inc.

Emera Inc. (EMA-TSX) is a diversified energy and services company, with 550,000 customers and $4.0 billion in assets. The company has two wholly-owned regulated electric utility subsidiaries, Nova Scotia Power Inc. and Bangor Hydro-Electric Company. Nova Scotia Power supplies over 95% of the electric generation, transmission and distribution in Nova Scotia. Bangor Hydro provides electricity transmission and distribution service to 107,000 customers in eastern Maine. It is a member of the New England Power Pool, and is interconnected with the other New England utilities to the south and with New Brunswick Power to the north. In addition, Emera Energy manages Emera's growing gas infrastructure investment portfolio, including its 12.5% interest in the Maritimes & Northeast Pipeline, which delivers Sable natural gas to markets in Maritime Canada and the northeastern United States; and an 8.4% interest in the Sable Offshore Energy Project offshore platforms and sub-sea field gathering lines. Emera Energy also incorporates Emera Energy Services, Emera Fuels, and Emera's business development activities.