Teranet Holdings LP: Rating Report

On October 25, 2023, DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating and the Senior Secured Debt rating of Teranet Holdings LP (the Company) at BBB with Stable trends. The credit ratings continue to be supported by the Company’s position as an exclusive service provider in the Province of Ontario (the Province; rated AA (low) with a Positive 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 debt service coverage ratio.