DBRS Notes Name Change from AltaGas Income Trust to AltaGas Ltd.; Discontinues Stability Rating

Effective July 1, 2010, DBRS has recognized a formal name change whereby AltaGas Income Trust (the Trust) has been converted to a corporation named AltaGas Ltd. (the Company) under a Plan of Arrangement (POA) that was recently approved by the Court of Queen’s Bench of Alberta.

Previously, DBRS rated both the outstanding Medium-Term Notes (MTNs) issued by the Trust and the Issuer Rating of AltaGas Holding Limited Partnership No. 1 (AGHLP No.1) at BBB with Stable trends. AGHLP No. 1 was the previous borrower under the Trust’s credit facilities and guaranteed the MTNs issued by the Trust, thereby ensuring that all of the Trust’s senior debt ranked pari passu. Following implementation of the POA and certain internal transactions to simplify the corporate structure, the outstanding MTNs and credit facilities were assumed by the Company, eliminating the previous need for the AGHLP No. 1 guarantee of the Trust’s MTNs. Consequently, DBRS has transferred the BBB rating on the MTNs to the Company and discontinued the Issuer Rating of AGHLP No. 1. Concurrently, DBRS has discontinued the Trust’s STA-3 (middle) stability rating, reflecting the fact that the Trust is now a corporation.

In its press release dated June 4, 2010, DBRS indicated its expectation that the above-noted rating actions would occur upon completion of the POA, then expected on or about July 1, 2010.

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

The applicable methodology is Rating North American Energy Utilities (Electric, Natural Gas and Pipelines), which can be found on the DBRS website under Methodologies.

This is a Corporate (Energy) rating.