Northern Courier Pipeline Limited Partnership: Rating Report

On June 30, 2020, DBRS Limited (DBRS Morningstar) downgraded Northern Courier Pipeline Limited Partnership’s (NCPLP or ProjectCo) Issuer Rating and the rating on its fixed-rate, first-lien senior-secured amortizing $1 billion Senior Notes (the Senior Notes) to BBB (high) from A (low). Both trends are Stable. DBRS Morningstar also removed the ratings from Under Review with Negative Implications, where they were placed on March 27, 2020.