DBRS Morningstar Assigns Rating of Pfd-3 to Pembina Pipeline Corporation’s $550 Million Class A Preferred Shares, Series 23 and Series 25

DBRS Limited (DBRS Morningstar) assigned a rating of Pdf-3 with a Stable trend to the following securities issued by Pembina Pipeline Corporation (Pembina or the Issuer): (1) the $300 million Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 23; (2) the $250 million Cumulative Redeemable Minimum Rate Reset Class A Preferred Shares, Series 25 (together, the Series 23 and 25 Class A Preferred Shares). The ratings being assigned are based upon the ratings on already-outstanding series of the above-mentioned security instruments.

Pembina issued the Series 23 and 25 Class A Preferred Shares in exchange for Kinder Morgan Canada Limited (KMC)’s $550 million Cumulative Preferred Shares in connection with the Issuer closing its acquisition of KMC on December 16, 2019. DBRS Morningstar notes that issuing the Series 23 and 25 Class A Preferred Shares had no impact on the Issuer’s credit profile.

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

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers, which can be found on www.dbrs.com under Methodologies & Criteria.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at [email protected].

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