DBRS trims TransEd Partners

DBRS said it downgraded its ratings on TransEd Partners GP (ProjectCo) and its series A bonds to BB while maintaining its status as under review with negative implications.

“The downgrade of the ratings is a result of a further delay to the construction schedule. Prior to this further delay, the forecast service commencement date was Sept. 4, 2022; the PA Longstop Date is Oct. 31, 2022. The current delay to the construction schedule is for the repair of cracks in the elevated guideway piers that were initially discovered in July 2022. The repair work must be completed before testing and commissioning of the trains can be resumed on the elevated guideways.

DBRS noted the partnership has an unrated C$200 million revolver due next month and it would need amendments to extend the maturity date to avoid a default.

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