Press Release

DBRS Morningstar Assigns BB (high) Rating to SNC-Lavalin Group Inc.’s New Debt Issuance

December 12, 2022

DBRS Limited (DBRS Morningstar) assigned a rating of BB (high) with a Recovery Rating of RR4 and a Stable trend to SNC-Lavalin Group Inc.’s (SNC) $300 million Series 7 Debentures. The Debentures rank pari passu with all other unsecured and unsubordinated indebtedness of SNC and the proceeds will be used to repay existing indebtedness and for general corporate purposes.

The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

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 Rating Companies in the Services Industry (January 28, 2022;, Global Methodology for Rating Companies in the Construction and Property Development Industry (November 24, 2022;, DBRS Morningstar Criteria: Guarantees and Other Forms of Support (April 4, 2022;, and DBRS Morningstar Global Criteria: Recovery Ratings for Non-Investment-Grade Corporate Issuers (September 1, 2022;, which can be found on under Methodologies & Criteria.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at:

The conditions that lead to the assignment of a Negative or Positive trend are generally 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].

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577