DBRS Finalizes BBB (low) Rating with Positive Trend on Teck Resources New Debt Issues

DBRS has today finalized its rating of BBB (low) with a Positive trend on Teck Resources Limited’s (Teck or the Company) US$750 million Senior Unsecured Guaranteed Notes, consisting of US$300 million aggregate principal amount of 3.85% notes due 2017 and US$450 million aggregate principal amount of 6.00% notes due 2040, following the pricing of the notes and the filing on August 5, 2010, of a prospectus supplement to the Company’s prospectus dated June 7, 2010, related to the notes. DBRS provisionally rated the Senior Unsecured Guaranteed Notes at BBB (low) with a Positive trend on August 3, 2010.

The offering of the Senior Unsecured Guaranteed Notes is expected to close on or about August 17, 2010, subject to customary closing conditions. The net proceeds of the issue are expected to be used by the Company to purchase existing senior unsecured long-term debt by way of a public tender that was launched on August 3, 2010 or for other for general corporate purposes. These debt issuance and purchase transactions are not expected to have an impact on Teck’s ratings if completed as expected.

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

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

This is a Corporate rating.