DBRS downgrades Teranet to BBB

DBRS said it downgraded the senior secured debt rating of Teranet Holdings LP to BBB and changed the trend to stable from negative.

The 2013 results recently reported by the company confirmed a third consecutive year of contraction in transaction volumes and revenues. While the decline is not as significant as feared by DBRS when the rating trend was changed to negative last August, it nonetheless results in financial metrics and flexibility significantly short of original expectations, with little hope of a meaningful rebound over the medium-term given the soft prospects of Ontario's real estate market, DBRS said.

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