TC Energy Corporation & TransCanada PipeLines Limited: Rating Report

On June 5, 2019, DBRS Limited (DBRS) confirmed the ratings of TC Energy Corporation (TCC) and its wholly owned subsidiary, TransCanada PipeLines Limited (TCPL), as listed above. All trends remain Stable. The Preferred Shares - Cumulative rating of TCC, which owns 100% of TCPL and holds no other material assets, is based on the credit strength of TCPL and the expectation that no debt will be issued by TCC. DBRS ratings are determined using the consolidated credit profile of TCC.