DBRS Morningstar Assigns Rating of BBB (low) With a Stable Trend to Inter Pipeline Ltd.’s $1.0 Billion Senior Unsecured Notes Offering

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (low) with a Stable trend to the following securities issued by Inter Pipeline Ltd. (IPL): (1) $750 million Senior Unsecured Notes, Series 12 and (2) $250 million Senior Unsecured Notes, Series 13 (collectively, the Notes). The rating being assigned is based upon the rating on an already-outstanding series of the above-mentioned debt instruments.

DBRS Morningstar notes that IPL plans to use the net proceeds from the Notes offering to repay indebtedness under its $1.5 billion revolving credit facility, its Series 3 Medium Term Notes due May 2022, and for 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 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 Midstream Energy Industry (November 3, 2021; https://www.dbrsmorningstar.com/research/387443), Rating Companies in the Oil and Gas and Oilfield Services Industries (August 16, 2021; https://www.dbrsmorningstar.com/research/383104), and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021; https://www.dbrsmorningstar.com/research/386355). 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).

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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