Press Release

DBRS Morningstar Assigns Rating of “A,” Stable, to Énergir, L.P.’s $400 Million First Mortgage Bonds Issuance

Utilities & Independent Power
June 02, 2023

DBRS Limited (DBRS Morningstar) assigned a rating of “A” with a Stable trend to Énergir, L.P.’s (the Partnership) 4.83% $400 million Series 2023-1 First Mortgage Bonds maturing on June 2, 2053 (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 June 2, 2023.

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 as well as against the related distribution regulator stations and pressure regulating stations. 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.

DBRS Morningstar applied the following principal methodology:
-- Global Methodology for Rating Companies in the Regulated Electric, Natural Gas, and Water Utilities Industry (September 13, 2022;

The following methodology has also been applied:
-- DBRS Morningstar Global Criteria: Guarantees and Other Forms of Support (March 28, 2023);

The credit rating methodologies used in the analysis of this transaction can be found at:

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.

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

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