DBRS Rates $140 Million Bond Issue of British Columbia Ferry Services Inc. at A (low), with a Positive Trend

DBRS has today assigned a rating of A (low), with a Positive trend, to the $140 million Senior Secured Bond issue (Series 08-2) of British Columbia Ferry Services Inc (BC Ferries). The five-year bonds mature on December 19, 2013, have a coupon of 6.214% and rank pari passu with all other indebtedness of BC Ferries secured under the trust indenture. Net proceeds of the issue will be used to partially finance capital expenditures, to repay amounts outstanding under BC Ferries’ operating credit facility, to fund the debt service reserve fund and for general corporate purposes.

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

The applicable methodology is the General Rating Methodology for Non-Financial Companies, which can be found on our website under Methodologies. This is a Corporate (Public Finance) rating.

This rating is based on public information.