Teranet Holdings LP: Rating Report

On October 7, 2022, DBRS, Inc. (DBRS Morningstar) confirmed the Issuer Rating and the Senior Secured Debt rating of Teranet Holdings LP (the Company) at BBB with Stable trends. The ratings continue to be supported by the Company’s position as an exclusive service provider in the Province of Ontario (rated AA (low) with a Stable trend by DBRS Morningstar) and the Province of Manitoba (rated A (high) with a Stable trend by DBRS Morningstar), healthy margins, and low capital needs but are constrained by the leverage and coverage ratio.