Press Release

DBRS Morningstar Finalizes Provisional Rating of BB (high) with a Stable Trend on Keyera Corp.'s $350 million Subordinated Notes

March 10, 2021

DBRS Limited (DBRS Morningstar) finalized its provisional rating of BB (high) with a Stable trend on the $350 million Fixed-to-Fixed Rate Subordinated Notes Series 2021-A (the Subordinated Notes) due March 10, 2081, issued by Keyera Corp. (the Issuer).

The rating being finalized is based upon the rating on already-outstanding Subordinated Notes.

The Issuer expects to use the net proceeds of the offering of the Subordinated Notes to refinance indebtedness under its revolving credit facility, to fund capital projects, and for other general corporate purposes.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (November 19, 2020;, DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020;, and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020;, which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021;

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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

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