DBRS Discontinues Stability Rating of Gaz Metro Limited Partnership

DBRS has today discontinued the stability rating of Gaz Metro Limited Partnership (GMLP or the Partnership), following the closing on September 30, 2010, of a transaction (the Transaction) in which the public ownership of GMLP was reorganized into a new public corporation, Valener Inc. Following the closing of the Transaction, the Partnership’s units are no longer publicly traded and as such the stability rating has been discontinued.

In a June 22, 2010, press release that followed the announcement of the proposed Transaction, DBRS confirmed the debt ratings of Gaz Métro inc.’s Commercial Paper at R-1 (low) and its First Mortgage Bonds at “A”, both with Stable trends. The press release noted our expectation that the stability rating of GMLP would be discontinued upon closing of the Transaction.

Note:
The applicable methodology is Rating North American Energy Utilities (Electric, Natural Gas, and Pipelines), which can be found on our website under Methodologies.