DBRS Morningstar Assigns Rating of AA, Stable, to TransLink Series TL-8 Senior Unsecured Green Bond
Other Government Related EntitiesDBRS Limited (DBRS Morningstar) assigned a rating of AA with a Stable trend to South Coast British Columbia Transportation Authority’s (TransLink) Series TL-8 2.65% senior unsecured green bond maturing on October 29, 2050 (Series TL-8). The rating being assigned to the new debt issue is based upon the already-outstanding rating on TransLink’s Senior Unsecured Debt, which DBRS Morningstar confirmed at AA with a Stable trend on September 19, 2019.
The new issue is expected to raise $200 million at settlement on October 29, 2019. This debt will rank pari passu with all other existing and future senior unsecured obligations of TransLink and will be issued pursuant to a Fiscal Agency Agreement in the form of a fully registered Global Bond.
Series TL-8 is the second green bond TransLink has issued to date, the proceeds of which will be used to finance capital projects aligned with TransLink’s Green Bond Framework and the 10-Year Investment Plan (2018–2027). The new issue and use of proceeds are consistent with DBRS Morningstar’s expectations at the time of its most recent review.
Notes:
All figures are in Canadian dollars unless otherwise noted.
The principal methodology is Rating Canadian Municipal Governments, which can be found on dbrs.com under Methodologies & Criteria.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
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