Press Release

DBRS Morningstar Assigns Rating of A (low) with a Stable Trend to TransCanada PipeLines Limited’s $2.0 Billion Medium-Term Notes Offering

April 03, 2020

DBRS Limited (DBRS Morningstar) assigned a rating of A (low) with Stable trend to TransCanada Pipelines Limited’s (TCPL or the Company) $2.0 billion 3.8% Medium-Term Notes offering due April 5, 2027 (the Notes). The rating assigned to the Notes is based on the ratings of other already-outstanding series of the Notes of the Company.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at:

All figures are in Canadian dollars unless otherwise noted.

The principal methodology is Rating Companies in the Pipeline and Diversified Energy Industry,
DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, DBRS Morningstar Criteria: Rating Corporate Holding Companies and Their Subsidiaries and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers, which can be found on under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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