Press Release

DBRS Assigns Rating of “A” with a Stable Trend to Gaz Métro inc.’s $200 Million First Mortgage Bonds

Utilities & Independent Power
May 16, 2017

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to Gaz Métro inc.’s (GMi) $200 million 3.53% Series U First Mortgage Bonds (the Mortgage Bonds) due May 16, 2047. The settlement date for the Mortgage Bonds is May 16, 2017.

The Mortgage Bonds are direct obligations of GMi, rank pari passu and are secured equally and ratably 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 net proceeds of the offering will be loaned to GMLP on substantially similar terms and that GMLP will use the funds to repay existing indebtedness and for general corporate purposes.

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

The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry (October 2016) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

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