North West Redwater Partnership: Rating Report

On July 17, 2019, DBRS Limited (DBRS) confirmed the Issuer Rating and Senior Secured Bonds (the Bonds) issued by North West Redwater Partnership (NWR or the Issuer) at A (low) with Stable trends. NWR, a partnership between CNR (Redwater) Limited (CNR Redwater) and NWU Limited Partnership (NWU LP) is responsible for the construction, ownership and operation of a 50,000 barrel per day (b/d) upgrader-refinery (the Project) in Alberta’s oil sands and refinery and pipeline hub. The Project will process 79,000 b/d of bitumen blend (feedstock) into a variety of refined products, notably diesel, capturing value-add in Alberta instead of shipping bitumen to U.S. refineries.