DBRS Morningstar Discontinues Rating on the Senior Notes of Reliance Intermediate Holdings LP

DBRS Limited (DBRS Morningstar) discontinued the rating on the $375 million Senior Notes (the Notes) of Reliance Intermediate Holdings LP (RIHLP). The rating is being discontinued because of the redemption of the Notes in June and August 2020, which fully repaid the Notes.

RIHLP owns Reliance LP, which directly and indirectly owns residential and commercial water heater rental and HVAC home service businesses primarily in Ontario, in addition to operations in Alberta, British Columbia, Manitoba, and Saskatchewan as well as Georgia in the United States. CK Assets Holdings acquired the Reliance companies in July 2017.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating Companies in the Services Industry (January 29, 2021, https://www.dbrsmorningstar.com/research/372947), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021, https://www.dbrsmorningstar.com/research/373262).

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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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