Press Release

DBRS Morningstar Assigns BB Rating to the $500 Million Senior Unsecured Notes Issued by Superior Plus LP

May 19, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of BB to the $500 million Senior Unsecured Notes (Notes) of Superior Plus LP (the Company or the Issuer) issued on May 18, 2021. The Notes have an interest rate of 4.25% and mature on May 18, 2028. The trend is Stable.

A review of the Trust Indenture and the Term Sheet and Placement Memorandum shows that the Notes rank pari passu with the Company’s existing senior unsecured debt. The Company will likely use net proceeds from the issuance, along with borrowings under the Issuer’s credit facility and cash on hand, to redeem the $400 million principal amount of 5.25% senior unsecured notes due February 27, 2024, and the $370 million principal amount of 5.125% senior unsecured notes due August 27, 2025.

DBRS Morningstar based the rating assigned to this newly issued debt instrument on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

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 methodology is Rating Companies in the Services Industry (January 29, 2021;, which can be found on under Methodologies & Criteria.. Other applicable methodologies include the DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 2, 2020;, DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 14, 2021;, DBRS Morningstar Criteria: Recovery Ratings for Non-Investment-Grade Corporate Issuers (August 24, 2020;, and 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 related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

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’s outlooks 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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