NorthwestConnect General Partnership: Rating Report

DBRS Limited (DBRS Morningstar) confirmed NorthwestConnect General Partnership’s (ProjectCo) Issuer Rating, initially assigned on November 15, 2018, as well as the rating on the Senior Amortizing Bonds – Series 1 (the Bonds) at BBB (high) with Stable trends. ProjectCo is the special-purpose entity (SPE) created to design, build, finance, operate and maintain Northwest Anthony Henday Drive (the Project or the Highway) under a 33.25-year agreement with the Province of Alberta (the Province; rated AA with a Negative trend by DBRS Morningstar).