DBRS Rates YPG Holdings Inc.’s Notes Issues BBB (high), Stable Trend

DBRS has today assigned a rating of BBB (high) to the Medium-Term Notes (the Notes) issues of YPG Holdings Inc. (YPG or the Company) that in aggregate total $165 million. The trend is Stable.

The Notes will be issued in a two tranches including: (a) $35 million 6.85% Series 8 Notes (an add-on to a recent $90 million issue) maturing on December 3, 2013; and (b) $130 million 6.50% Series 9 Notes maturing on July 10, 2013. Both of these notes will be issued under YPG’s $1 billion short form shelf prospectus dated June 20, 2008.

The Notes will be unsecured direct obligations of YPG, will be fully and unconditionally guaranteed by its operating and other subsidiaries and will rank pari passu with all other unsecured and unsubordinated debt of YPG and its guarantors. The issuances are expected to close on or about July 10, 2009.

DBRS expects YPG to use the proceeds from this Notes issue for repaying existing indebtedness and for general corporate purposes.

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

The applicable methodology is Rating Media and Entertainment, which can be found on our website under Methodologies.

This is a Corporate rating.