DBRS Finalizes Rating of BBB with a Stable Trend on Keyera Corp.’s Senior Unsecured Notes

DBRS Limited (DBRS) finalized the provisional rating of BBB with a Stable trend on Keyera Corp.’s (Keyera or the Issuer) Senior Unsecured Notes (the Senior Notes). The Company currently provides an unconditional guaranty of approximately $1.8 billion of senior unsecured notes issued by its wholly owned subsidiary, Keyera Partnership.

The Senior Notes are issued by Keyera through the form of $400 million Medium Term Notes, Series 1, maturing June 21, 2028 (the MTNs).

The MTNs are unconditionally guaranteed by the Issuer’s following wholly owned subsidiaries: Keyera Partnership, Keyera Energy Ltd., Keyera Rimbey Ltd., Rimbey Pipeline Limited Partnership, Keyera Energy Inc., Keyera RP Ltd. and Alberta Diluent Terminal Ltd. The MTNs will rank pari passu with Keyera Partnership’s existing senior unsecured notes.

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

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (December 2017) and DBRS Criteria: Guarantees and Other Forms of Support (January 2018), which can be found on dbrs.com under Methodologies.

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 under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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