DBRS Finalizes Rating of AAA on Guaranteed Senior Bonds of Muskrat Falls/Labrador Transmission Assets Funding Trust and Labrador-Island Link Funding Trust, Stable Trend

DBRS Limited (DBRS) has today finalized its rating of AAA with a Stable trend on the (1) 64 series of bonds of CAD 1,850 million in aggregate issued by Muskrat Falls/Labrador Transmission Assets Funding Trust (Muskrat Falls) and (2) 74 series of bonds of CAD 1,050 million in aggregate (together with the bonds issued by Muskrat Falls, the 2017 Guaranteed Senior Bonds) issued by Labrador-Island Link Funding Trust (Labrador-Island). The maturities of the 2017 Guaranteed Senior Bonds are staggered with final due dates of June 1, 2052, for the Muskrat Falls bonds and June 1, 2057, for the Labrador-Island bonds. The ratings reflect the unconditional and irrevocable guarantee provided by the Government of Canada (rated AAA with a Stable trend) on the bonds.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The principal methodologies are Rating Project Finance (December 2016) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.