Teranet Holdings LP: Rating Report

On October 24, 2024, DBRS Limited (Morningstar DBRS) confirmed the Issuer Rating and the Senior Secured Debt credit rating of Teranet Holdings LP (Teranet or the Company) at BBB with Stable trends. The credit ratings continue to be supported by the Company's position as an exclusive service provider in the Province of Ontario (Ontario or the Province; rated AA with a Stable trend by Morningstar DBRS) and the Province of Manitoba (Manitoba; rated A (high) with a Stable trend by Morningstar DBRS), healthy margins, and low capital needs but are constrained by the debt service coverage ratio (DSCR).