DBRS Notes Name Change to Inter Pipeline Ltd. from Inter Pipeline Fund; Assigns BBB (high) Ratings

Effective September 3, 2013, DBRS has recognized a formal name change whereby Inter Pipeline Fund (IPF) has been converted to a corporation named Inter Pipeline Ltd. (the Company) under a Plan of Arrangement (POA) that was recently approved at a Special Meeting of Unitholders and by the Court of Queen’s Bench of Alberta.

Previously, DBRS rated both the Issuer Rating and outstanding Unsecured Medium-Term Notes (MTNs) issued by IPF at BBB (high) with Stable trends. 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. Consequently, DBRS has transferred the BBB (high), Stable trend Issuer Rating and rating on the MTNs to the Company and discontinued the ratings of IPF.
In our June 3, 2013, press release, DBRS stated that we did not expect IPF’s internalization transactions or the corporate conversion plans to have any material impact on the underlying business risk or financial profile of the Company, and its credit metrics continue to support the current ratings.

Notes:
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodology is Rating North American Pipeline and Diversified Energy Companies (May 2011), which can be found on our website under Methodologies.