DBRS lowers TransEd Partners

DBRS said it downgraded the issuer rating and the rating on the series A C$394.5 million senior long-term amortizing bonds of TransEd Partners GP to BBB from BBB (high). Both trends are negative.

“The ratings downgrade is a result of an additional delay in the construction schedule, which has materially reduced the time buffer before the creditors’ longstop date of Oct. 15, 2021, and the project agreement longstop date of Dec. 15, 2021. The additional delay is a result of the construction challenges with respect to segment S2 (1 of 41 total segments) of the bridge and the longer-than-expected concrete curing time during the winter months,” DBRS said in a press release.

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