Company: EMICF
Filing Date: 2025-09-30
Form Type: 424B2
Source: 0000950103-25-012565
Chunk: 26

Company: EMERA INC
Filing Date: 2025-09-30
Form: 424B2
Chunk 26
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any payments required to be made under the Notes.

<div align='center'>S-13</div>

An increase in interest
rates could result in a decrease in the relative value of the Notes.

In general, as market interest
rates rise, Notes bearing interest at a fixed rate generally decline in value because the premium, if any, over market interest rates
will decline. Consequently, if you purchase Notes and market interest rates increase, the market value of your Notes may decline. We cannot
predict future levels of market interest rates.

The trading prices for
the Notes will be directly affected by many factors, including our credit rating.

Credit rating agencies continually
revise their ratings for companies they follow or discontinue rating companies, which could include the Issuer. Any ratings downgrade
or decisions by a credit rating agency to discontinue rating us could adversely affect the trading price of the Notes, or the trading
market for the Notes, to the extent a trading market for the Notes develops. The condition of the financial and credit markets and prevailing
interest rates have fluctuated in the past and are likely to fluctuate in the future and any fluctuation may impact the trading price
of the Notes.

We expect the Notes to be
rated by “nationally recognized statistical rating organizations” within the meaning of the U.S. Securities Exchange Act of
1934, as amended (the “Exchange Act”). The Notes may in the future be rated by additional rating agencies. We cannot assure
you that any rating so assigned will remain for any given period of time or that a rating will not be lowered or withdrawn entirely by
a rating agency if, in that rating agency’s judgment, circumstances relating to the basis of the rating, such as adverse changes
to our business, so warrant. Any lowering or withdrawal of a rating by a rating agency could reduce the liquidity or market value of the
Notes.

Rating agencies may change
their practices for rating the Notes, which change may affect the market price of the Notes. In addition, the Issuer may redeem the Notes
if a rating agency makes certain changes in the equity credit methodology for securities such as the Notes.

The rating agencies that
currently or may in the future publish a rating for the Issuer, including Moody’s Investors Service, Inc., S&P Global Ratings
and Fitch Ratings, Inc., each of which is expected to publish a rating of the Notes, may, from time to time in the future, change the
way they analyze securities with features similar to the Notes