DBRS Morningstar Assigns Ratings of A (low) With Stable Trends to TransCanada PipeLines Limited’s $1.5 Billion Medium-Term Notes Offerings

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 400 million 4.35% Medium-Term Notes due May 12, 2026; 2) CAD 800 million 5.33% Medium-Term Notes due May 12, 2032; and 3) CAD 300 million 5.92% Medium-Term Notes due May 12, 2052. DBRS Morningstar notes that the Company plans to use the net proceeds from the offerings to repay indebtedness and for general corporate purposes. DBRS Morningstar based the assigned ratings on the rating of the already-outstanding series of the above-mentioned debt instrument.

ESG CONSIDERATIONS
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 methodology are Rating Companies in the Pipeline and Midstream Energy Industry (November 3, 2021; https://www.dbrsmorningstar.com/research/387443) and DBRS Morningstar Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 21, 2021; https://www.dbrsmorningstar.com/research/386355), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 1, 2022, https://www.dbrsmorningstar.com/research/393065) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022, https://www.dbrsmorningstar.com/research/394683) 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).

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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