Kinder Morgan Canada Limited and Kinder Morgan Cochin ULC: Rating Report

On March 11, 2019, DBRS Limited (DBRS) downgraded the Issuer Rating of Kinder Morgan Cochin ULC (KMU) to BBB from BBB (high) and the Preferred Shares - Cumulative rating of Kinder Morgan Canada Limited (KML or the Company) to Pfd-3 from Pfd-3 (high). Trends on the ratings are now Stable. The downgrades remove the ratings from Under Review with Negative Implications, where they were placed following the announcement by KML’s board of directors that the Government of Canada (rated AAA with a Stable trend by DBRS) agreed to purchase the Trans Mountain Asset Group (TMAG) comprising the Trans Mountain Pipeline, along with its associated Puget Sound Pipeline and the Trans Mountain Expansion Project (TMEP), for $4.5 billion (for more information, please refer to the following DBRS press releases: “DBRS Places Ratings of Kinder Morgan Canada Limited and Kinder Morgan Cochin ULC Under Review with Negative Implications” dated May 31, 2018; and “DBRS Comments on Kinder Morgan Canada Limited’s Proposed Return of Capital to Shareholders” dated September 7, 2018).