DBRS rates TransCanada PipeLines notes A (low)

DBRS said it assigned a rating of A (low) with a stable trend to TransCanada PipeLines Ltd.'s issue of C$450 million of 3.69% unsecured medium-term notes due July 19, 2023 and C$300 million of 4.55% unsecured medium-term notes due Nov. 15, 2041.

The notes are expected to settle July 19, 2013.

The new debt will rank equally, except as to sinking funds, with all of TransCanada's existing and future senior unsecured debt, DBRS said.

The proceeds will be used to repay indebtedness and for general corporate purposes, the agency said.

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