Press Release

DBRS Morningstar Assigns Rating of AA, Stable, to TransLink’s $300 Million Series TL-10 Re-Opening

Other Government Related Entities
December 04, 2023

DBRS Limited (DBRS Morningstar) assigned a rating of AA with a Stable trend to South Coast British Columbia Transportation Authority’s (TransLink or the Authority) $300 million re-opening of the 4.15% Series TL-10 (Green) debentures maturing on December 12, 2053. The rating being assigned is based upon the already-outstanding rating on TransLink’s Senior Unsecured Debt, which DBRS Morningstar confirmed at AA with a Stable trend on October 11, 2023.

The Series TL-10 Green bonds rank pari passu with all other existing and future senior unsubordinated and unsecured obligations of the Authority and will be in the form of a fully registered Global Bond.

The proceeds of the issuance will be used to finance/refinance capital projects identified as eligible in accordance with the Authority’s Green Bond Framework. The new issue and use of proceeds are consistent with DBRS Morningstar’s expectations at the time of its most recent review.

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 (July 4, 2023) at

All figures are in Canadian dollars unless otherwise noted.

DBRS Morningstar applied the following principal methodology:
-- Rating Canadian Municipal Governments (April 28, 2023)

The following methodology has also been applied:
-- DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (February 24, 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 credit ratings are under regular surveillance.

Information regarding DBRS Morningstar credit ratings, including definitions, policies, and methodologies, is available on or contact us at

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