DBRS assigns BBB (high) to NGTL

DBRS said it assigned BBB (high) issuer, medium-term note and senior unsecured ratings with a stable trend to NGTL LP. Concurrently, the agency discontinued and withdrew its BBB (high) credit rating on NOVA Gas Transmission Ltd.’s (NGTL) medium-term notes & unsecured debentures.

DBRS said it discontinued its credit rating on NGTL to reflect its reorganization into a new limited partnership, NGTL LP. NGTL has transferred the NGTL system assets to NGTL LP and NGTL LP has assumed all NGTL’s debt at the same terms and conditions.

The agency noted that as part of the reorganization, NGTL redeemed the $100 million 9.9% debentures, series 23 due December 2024.

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