DBRS Assigns Rating of AA to TransLink’s Series TL-4 Senior Unsecured Debt Issue (Reopening)

DBRS Limited (DBRS) has today assigned a rating of AA with a Stable trend to the reopening of the South Coast British Columbia Transportation Authority’s (TransLink or the Authority) existing $150 million Series TL-4 4.45% bond maturing June 9, 2044. The reopening is expected to raise $65 million at close on December 2, 2015. This debt will rank pari passu with all other existing and future senior unsecured obligations of the Authority and will be issued pursuant to a Fiscal Agency Agreement and in the form of a fully registered Global Bond.

Net proceeds from the issue will be used to finance capital expenditures as outlined in TransLink’s 2014 Base Plan and is consistent with DBRS’s expectations at the time of the most recent review (see press release entitled “DBRS Confirms TransLink at AA, Stable Trend,” dated October 16, 2015).

DBRS also notes that TransLink is expected to raise $85 million from the reopening issuance on its Series TL-5 Senior Unsecured Debt issue, which is expected to close on November 27, 2015.

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 methodology is Rating Canadian Municipal Governments (June 2015), which can be found on our website under Methodologies.

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