Morningstar DBRS Assigns Credit Rating of AA (low) With Stable Trends to First Nations Finance Authority's $650 Million Senior Secured Bonds

DBRS Limited (Morningstar DBRS) assigned a credit rating of AA (low) with a Stable trend to First Nations Finance Authority's (FNFA) $650.0 million issuance of its 4.05% senior secured bonds (Series 2025-1) maturing on June 1, 2035. The credit rating being assigned is based on the credit ratings of other already-outstanding Long-Term Debt, which Morningstar DBRS confirmed at AA (low) with a Stable trend on October 3, 2024.

The bonds rank pari-passu with all other bonds issued under the Master Trust Indenture (dated February 23, 2016), including Series 2025-1 bonds issued pursuant to the Fourteenth Supplemental Indenture.

FNFA will use issuance proceeds to finance loans to its growing borrowing member pool. The new issue and use of proceeds are consistent with Morningstar DBRS' expectations at the time of its most recent review.

The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. Please refer to https://dbrs.morningstar.com/research/440758 dated October 3, 2024, for more information, including all relevant disclosures.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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