Press Release

DBRS Morningstar Assigns Rating of A (low) With a Stable Trend to TransCanada PipeLines Limited’s $1.5 Billion Medium-Term Notes Offering

Natural Resources
June 09, 2021

DBRS Limited (DBRS Morningstar) assigned ratings of A (low) with Stable trends to TransCanada Pipelines Limited’s (TCPL or the Company) offering of 1) CAD 750 million 3-Month CDOR plus 29 bps Medium-Term Notes due June 9, 2024; 2) CAD 500 million 2.97% Medium-Term Notes due June 9, 2031; and 3) CAD 250 million re-opening of 4.33% Medium-Term Notes due September 16, 2047. DBRS Morningstar notes that the Company plans to use the net proceeds from the offerings to repay indebtedness and for general corporate purposes. The ratings being assigned are based upon the rating on already-outstanding 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 methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (November 19, 2020,, DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 9, 2021,, DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020,, and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021,, which can be found on under Methodologies & Criteria. Other applicable methodologies include 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:

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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