Valener Inc.: Rating Report

DBRS Limited (DBRS) confirmed Valener Inc.’s (Valener or the Company) Cumulative Rate Reset Preferred Shares rating at Pfd-2 (low) with a Stable trend. The rating is based on the credit quality of Valener’s 29% ownership interest in Énergir, L.P. (the Partnership; previously Gaz Métro Limited Partnership), which guarantees the First Mortgage Bonds and Senior Secured Notes (each rated “A” with a Stable trend by DBRS) of Énergir Inc. (Énergir, previously Gaz Métro inc.). Valener’s preferred share rating is one notch lower than the standard mapping from Énergir’s Issuer Rating of “A”, reflecting structural subordination of obligations at Valener relative to Énergir.