DBRS Morningstar Assigns Rating of A (high) with a Stable Trend to Lower Mattagami Energy Limited Partnership’s Senior Secured Bonds, Series 2021-1

DBRS Limited (DBRS Morningstar) assigned a rating of A (high) with a Stable trend to the $375 million 2.433% Senior Secured Bonds, Series 2021-1 (the Series 2021-1 Bonds) due on May 14, 2031, issued by Lower Mattagami Energy Limited Partnership (the Issuer; rated A (high) with a Stable trend by DBRS Morningstar). The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

The Series 2021-1 Bonds will be direct, secured, and unsubordinated obligations of the Issuer that will rank pari passu with and be secured equally and proportionately with other bonds and all future bonds issued by the Issuer from time to time pursuant to the Master Trust Indenture dated August 17, 2010. The Series 2021-1 Bonds are also guaranteed by Lower Mattagami Limited Partnership, an affiliate of the Issuer.

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 https://www.dbrsmorningstar.com/research/373262.

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

The principal methodologies are Rating Project Finance (September 1, 2020; https://www.dbrsmorningstar.com/research/366229) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 14, 2021; https://www.dbrsmorningstar.com/research/372344), which can be found on dbrsmorningstar.com 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; https://www.dbrsmorningstar.com/research/373262).

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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 www.dbrsmorningstar.com or contact us at [email protected].

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