DBRS Rates Gaz Métro inc.’s CAD 100 Million First Mortgage Bonds at “A,” Stable

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to Gaz Métro inc.’s (GMi) 30-year CAD 100 million 3.30% Series R First Mortgage Bonds (the Mortgage Bonds) due March 31, 2045. The settlement date for the Mortgage Bonds is March 31, 2015.

The Mortgage Bonds will be direct obligations of GMi, and will rank pari passu and be secured equally and rateably with all other series of First Mortgage Bonds issued and outstanding. The Mortgage Bonds are secured by a hypothec of first rank on the universality of the movable and immovable property, present and future, of GMi, and are guaranteed by Gaz Métro Limited Partnership (GMLP) together with collateral security backed by the assets of GMLP.

DBRS understands that the proceeds of the offering will be loaned to GMLP on similar terms, with GMLP using the funds to repay existing indebtedness and for general corporate purposes.

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

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (October 2014), DBRS Criteria: Guarantees and Other Forms of Explicit Support (February 2015) and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (February 2014), which can be found on the DBRS website under Methodologies.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.