Morningstar DBRS Assigns Rating of BBB with a Stable Trend to Keyera Corp.’s $250 Million Medium-Term Notes

DBRS Limited (Morningstar DBRS) assigned a rating of BBB with a Stable trend to the $250 million 5.663% Medium-Term Notes (the Notes) issued by Keyera Corp. (Keyera; rated BBB with a Stable trend by Morningstar DBRS). The Notes will mature on January 4, 2054.

The assigned rating is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

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

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://dbrs.morningstar.com/research/416784 (July 4, 2023).

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)
-- (A) Weighting of BRA Factors
In the analysis of Keyera, the BRA factors are considered in the order of importance contemplated in the methodology.

-- (B) Weighting of FRA Factors
In the analysis of Keyera, the FRA factors are considered in the order of importance contemplated in the methodology.

-- (C) Weighting of the BRA and the FRA
In the analysis of Keyera, the BRA carries greater weight than the FRA.

Notes:
All figures are in Canadian dollars unless otherwise noted.

Morningstar DBRS applied the following principal methodology:
-- Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 7, 2023; https://dbrs.morningstar.com/research/422993).

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

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

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

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

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