British Columbia Ferry Services Inc.: Rating Report

DBRS Limited (DBRS) confirmed the Issuer Rating and Senior Secured Bonds rating of British Columbia Ferry Services Inc. (BC Ferries or the Company) at A (high) with Stable trends. The ratings continue to be supported by traffic growth, the stable debt level and the Company’s proven operating resilience and reliable management. The ratings are tempered by the implementation of fare reductions on April 1, 2018, and uncertainties around how the new British Columbia Ferries Commissioner (the Commissioner) will react to the challenges faced by BC Ferries.