DBRS ups North West Redwater

DBRS said it upgraded the issuer rating and the rating on the senior secured bonds issued by North West Redwater Partnership to A (low) from BBB (high).

“The upgrade is due to the June 4, 2021, trend change to stable from negative DBRS Morningstar took on Canadian Natural Resources Ltd. (CNRL), one of the project’s two toll payers, as a result of significantly improving oil market conditions and visibility following more than a year of energy market disruption beginning in March 2020 after the onset of the coronavirus disease (Covid-19) pandemic and the price war between Saudi Arabia and Russia in early 2020,” DBRS said in a press release.

The trend is stable.

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