DBRS Morningstar Assigns Credit Rating of BBB (low) With a Stable Trend to Inter Pipeline Ltd.’s Senior Unsecured Notes, Series 18

DBRS Limited (DBRS Morningstar) assigned a credit rating of BBB (low) with a Stable trend to Inter Pipeline Ltd.’s (IPL) $750 million Senior Unsecured Notes, Series 18 (the Notes). The assigned credit rating is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

DBRS Morningstar notes that IPL plans to use the net proceeds from the Notes offering to repay indebtedness under its credit facilities and for general corporate purposes.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factor(s) 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/416784 (July 4, 2023).

Notes:
All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodologies:
-- Global Methodology for Rating Companies in the Pipeline and Midstream Energy Industry (November 7, 2023; https://www.dbrsmorningstar.com/research/422993)

-- Global Methodology for Rating Companies in the Oil and Gas and Oilfield Services Industries (August 16, 2023; https://www.dbrsmorningstar.com/research/419228)

-- DBRS Morningstar Global Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers (October 19, 2023; https://www.dbrsmorningstar.com/research/422134)

The credit 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.

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 credit ratings are under regular surveillance.

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

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