DBRS Assigns Rating of AA to TransLink’s Series TL-6 Senior Unsecured Debt Issue

DBRS Limited (DBRS) assigned a rating of AA with a Stable trend to South Coast British Columbia Transportation Authority’s (TransLink or the Authority) Series TL-6 3.15% senior unsecured debenture issue maturing November 16, 2048. The new issue is expected to raise $200 million at settlement on November 16, 2017. 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.

Proceeds from the issue will be used to finance capital expenditures, as outlined in TransLink’s 10-Year Investment Plan (2017 to 2026) and Phase 1 of the 10-Year Vision for Metro Vancouver Transportation. The issue is consistent with DBRS’s expectations at the time of the most recent review (see the press release entitled “DBRS Confirms TransLink at AA, Stable Trend,” dated September 28, 2017).

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 methodology is Rating Canadian Municipal Governments, which can be found on dbrs.com under Methodologies.

The rated entity or its related entities 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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