Press Release

DBRS Morningstar Assigns Rating of “A,” Stable, to Énergir, L.P.’s $200 Million First Mortgage Bonds Issuance

Utilities & Independent Power
September 27, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of “A” with a Stable trend to Énergir, L.P.’s (the Partnership) 4.67% $200 million Series 2022-2 First Mortgage Bonds maturing on September 27, 2032 (the FMBs). The assigned rating is based upon the rating of an already-outstanding series of the above-mentioned debt instrument. The FMBs settled on September 27, 2022.

The FMBs are direct obligations of the Partnership, and rank pari passu and are secured equally and rateably with all other series of FMBs issued and outstanding under the Énergir, L.P. Trust Deed. The FMBs are secured by a hypothec of first rank on the universality of the movable (personal) and immovable (real) property, present and future, of the Partnership in the Province of Québec, including the Partnership’s network of gas distribution and gas pipelines. Proceeds from the FMBs will be added to the Partnership’s general fund and are expected to be used to repay existing indebtedness and for general corporate purposes.

There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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 (May 17, 2022).

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Global Methodology for Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (September 13, 2022;, and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022;, which can be found on under Methodologies & Criteria.

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.

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

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