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) Series TL-4 4.45% bonds maturing June 9, 2044. The reopening is expected to raise $150 million at close on December 7, 2016, and to bring the total amount outstanding on the series to $365 million. 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 2017 Investment Plan and Phase 1 of the ten-year Vision for Metro Vancouver Transit and Transportation, and the reopening is consistent with DBRS’s expectations at the time of the most recent review (see press release entitled “DBRS Confirms South Coast British Columbia Transportation Authority (TransLink) at AA, Stable Trend,” dated October 28, 2016).

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

The applicable methodology is Rating Canadian Municipal Governments (May 2016), which can be found on our website under Methodologies.

The rated entity did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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