DBRS Morningstar Discontinues Ratings on Kruger Products L.P.

DBRS Limited (DBRS Morningstar) discontinued and withdrew the Issuer Rating and the Senior Unsecured Notes rating of Kruger Products L.P. (KPLP), which was dissolved following a corporate reorganization.

On January 1, 2023, KPLP undertook a corporate reorganization whereby it sold and assigned to its wholly owned subsidiary, Kruger Products Inc. (Kruger Products), all of the properties, operations, assets, and liabilities of KPLP. KPLP was subsequently dissolved.

DBRS Morningstar has concurrently assigned new ratings to Kruger Products. Please refer to the press release titled “DBRS Morningstar Assigns Ratings to Kruger Products Inc.,” published on March 28, 2023.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
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 https://www.dbrsmorningstar.com/research/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

Notes:
The principal methodologies applicable to the rating are Global Methodology for Rating Companies in the Consumer Products Industry ( https://www.dbrsmorningstar.com/research/402329/global-methodology-for-rating-companies-in-the-consumer-products-industry; September 2, 2022), and DBRS Morningstar Global Criteria: Recovery Ratings for Non-Investment-Grade Corporate Issuers (https://www.dbrsmorningstar.com/research/402218/dbrs-morningstar-global-criteria-recovery-ratings-for-non-investment-grade-corporate-issuers; September 1, 2022).

The rating methodologies used in the analysis of this transaction can be found at: https://www.dbrsmorningstar.com/about/methodologies.

A description of how DBRS Morningstar analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://www.dbrsmorningstar.com/research/397223/interplay-of-global-corporate-finance-rating-methodologies-when-analyzing-corporate-finance-transactions

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at [email protected].

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.

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.

Information regarding DBRS Morningstar ratings, including definitions, policies, and methodologies, is available on www.dbrsmorningstar.com or contact us at [email protected].

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