DBRS Morningstar Discontinues Sherritt International Corporation’s Issuer Rating of B and Second Lien Notes Rating of B (low)

DBRS Limited (DBRS Morningstar) discontinued and withdrew all credit ratings on Sherritt International Corporation (Sherritt) and all instruments issued by Sherritt.

DBRS Morningstar discontinued and withdrew its credit ratings on Sherritt for business purposes. This rating action is being taken in accordance with DBRS Morningstar’s policies, procedures, and applicable securities law. “Business purposes” refers to DBRS Morningstar’s operational business purposes, not the business purposes of the rated entity.

For the avoidance of doubt, DBRS Morningstar’s discontinuation-withdrawal of its credit ratings on Sherritt is not related to credit reasons, nor does it reflect a change in DBRS Morningstar’s current opinion about Sherritt’s creditworthiness or the quality of its management. This decision is entirely about DBRS Morningstar’s internal considerations.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental, Social, or Governance factors that had a significant or relevant effect on the credit analysis.

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/416784 (July 4, 2023).

Notes:
DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Mining Industry (August 16, 2023; https://www.dbrsmorningstar.com/research/419230)

The following methodologies have also been applied:
-- DBRS Morningstar Global Criteria: Recovery Ratings for Non-Investment-Grade Corporate Issuers (August 30, 2023; https://www.dbrsmorningstar.com/research/420063)

The credit rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

DBRS Morningstar had access to the accounts, management, and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. DBRS Morningstar trends and credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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