DBRS Notes Greater Toronto Airports Authority’s CP Program Limit Increase to $1 Billion

DBRS Limited (DBRS) notes that Greater Toronto Airports Authority’s (GTAA) Commercial Paper (CP) program limit has been increased to $1 billion from $500 million, effective March 23, 2018. The increased CP program remains fully backed by GTAA’s revolving operating credit facility, which has been increased to $1.4 billion from $900 million.

DBRS has reviewed the credit facility agreements and the related CP program documents and is satisfied that DBRS’s CP liquidity backup requirements continue to be met. DBRS is of the opinion that this development has no effect on GTAA’s ratings.

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

The principal methodologies are Rating Canadian Airport Authorities and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, which can be found on dbrs.com under Methodologies.

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