DBRS Morningstar Assigns Rating of AA, Stable, to TransLink’s $250 Million Series TL-5 Re-Opening

DBRS Limited (DBRS Morningstar) assigned a rating of AA with a Stable trend to South Coast British Columbia Transportation Authority’s (TransLink or the Authority) $250 million re-opening of the 3.05% Series TL-5 bond maturing on June 4, 2025. The rating being assigned 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 Series TL-5 bonds rank pari passu with all other existing and future senior unsecured obligations of the Authority and will be issued pursuant to a Fiscal Agency Agreement and in the form of a fully registered Global Bond.

The proceeds of the issuance will be used to finance capital projects outlined in the Authority’s 10-Year Investment Plan (2018–27). The new issue and use of proceeds are consistent with DBRS Morningstar’s expectations at the time of its most recent review.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Canadian Municipal Governments, which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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