DBRS Assigns Rating of AA to TransLink’s Senior Unsecured Green Bond (Series TL-7)

DBRS Limited (DBRS) assigned a rating of AA with a Stable trend to the South Coast British Columbia Transportation Authority’s (TransLink) Series TL-7 3.25% senior unsecured green bond maturing on November 23, 2028. The rating being assigned to the new debt issue is based upon the already-outstanding rating on TransLink’s Senior Unsecured Debt, confirmed at AA with a Stable trend on October 9, 2018.

The new issue is expected to raise $400 million at settlement on November 23, 2018. This debt will rank pari passu with all other existing and future senior unsecured obligations of TransLink and will be issued pursuant to a Fiscal Agency Agreement in the form of a fully registered Global Bond.

Series TL-7 is the first green bond from TransLink and its largest bond issue to date, the proceeds of which will be used to finance capital projects aligned with TransLink’s Green Bond Framework and the Ten-Year Investment Plan (2018-2027). The new issue and use of proceeds are consistent with DBRS’s expectations at the time of its most recent review (see press release entitled “DBRS Confirms TransLink at AA, Stable Trend,” dated October 9, 2018).

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

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

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