NAV CANADA: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and the Senior Debt rating of NAV CANADA (NAV or the Company) at AA as well as its General Obligation Debt rating at AA (low). All trends remain Stable. The Company’s credit profile is supported by a solid operating framework, strong traffic conditions and declining debt, although pension deficiencies remain large and significant user-fee reductions undertaken in F2017 are expected to continue to pressure credit metrics in the near term.