DBRS Morningstar Notes TransCanada PipeLines Limited’s Commercial Paper Limit Increase

DBRS Limited (DBRS Morningstar) notes that TransCanada PipeLines Limited (TCPL; rated A (low) with a Stable trend) increased the limit on its Canadian Commercial Paper (CP) program to $3.0 billion from $2.0 billion. The DBRS Morningstar rating on TCPL’s Canadian CP program is R-1 (low) with a Stable trend. The program continues to have 100% CP liquidity backup provided by a syndicated credit facility expiring in December 2024.

Based on its review, DBRS Morningstar is satisfied that TCPL’s revised Canadian CP program limit and its credit facility meet DBRS Morningstar’s requirements with respect to “DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers.” DBRS Morningstar is of the view that the increase in the Canadian CP program limit has no impact on the credit profile of TCPL.

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 Companies in the Pipeline and Diversified Energy Industry (November 19, 2020, https://www.dbrsmorningstar.com/research/370267), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 9, 2021, https://www.dbrsmorningstar.com/research/375001), DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (November 2, 2020, https://www.dbrsmorningstar.com/research/369165), and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021, https://www.dbrsmorningstar.com/research/379424), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include 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.

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

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