Press Release

DBRS Assigns “A” Rating to BC Ferries Series 14-1 Notes

Infrastructure
April 23, 2014

DBRS has today assigned a rating of “A” to the proposed Series 14-1 Senior Secured Bond issue (the Bonds) of up to $200 million of British Columbia Ferry Services Inc. (BC Ferries or the Company). Maturing in April 2044, the Bonds will rank pari passu with all other senior indebtedness of BC Ferries secured under the trust indenture. Proceeds from the debt issue will be used to fund the debt service reserve fund in connection with the Bonds and, together with additional cash on hand, to repay the Series 04-1 Senior Secured Bonds due May 27, 2014.

For more details on BC Ferries, please see DBRS’s rating report dated April 14, 2014. The report is available at www.dbrs.com or by contacting us at info@dbrs.com.

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

The applicable methodology is Rating Public-Private Partnerships, which can be found on our website under Methodologies.