Newfoundland and Labrador, Province of: Rating Report

On September 2, 2021, DBRS Limited (DBRS Morningstar) changed the trends on the Province of Newfoundland and Labrador’s (Newfoundland or the Province) Issuer Rating and Long-Term Debt rating to Stable from Negative and changed the trend on the Guaranteed Long-Term Debt of Newfoundland and Labrador Hydro to Stable from Negative. DBRS Morningstar also confirmed the Province’s Issuer Rating and Long-Term Debt rating at A (low) and confirmed its Short-Term Debt at R-1 (low). Concurrently, DBRS Morningstar confirmed Newfoundland and Labrador Hydro’s Guaranteed Long-Term
Debt and Guaranteed Short-Term Debt at A (low) and R-1 (low), respectively. The trends on all short-term ratings remain Stable.