DBRS Assigns Provisional Rating of BBB (high) with a Stable Trend to AltaGas Canada Inc.’s Unsecured Medium-Term Notes

DBRS Limited (DBRS) assigned a provisional rating of BBB (high) with a Stable trend to AltaGas Canada Inc.’s (ACI or the Company) $300.0 million Series 1 Unsecured Medium-Term Notes (Senior Notes) maturing in December 2028. The Senior Notes represent ACI’s first public debt offering.

The Senior Notes will be direct unsecured obligations of ACI and rank equally and pari passu with all the other unsecured and unsubordinated indebtedness of the Company. The net proceeds from the sale of the Senior Notes will be used to pay down a portion of the amount outstanding under the promissory note dated October 18, 2018, in the principal amount of $351.2 million held by AltaGas Ltd. (rated BBB, Under Review – Developing by DBRS).

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

The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries, which can be found on dbrs.com under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrs.com.

The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.

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