Clover Limited Partnership: Rating Report

On October 24, 2018, DBRS Limited (DBRS) assigned BBB ratings with Stable trends to the Series A Senior Notes and the Series B Senior Notes (collectively, the Notes), issued by Clover Limited Partnership (the Issuer), an indirect, wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB or the Sponsor; rated AAA with a Stable trend by DBRS) through wholly owned subsidiaries Clover FinanceCo LP and Cordelio Clover Inc. The Issuer is a special-purpose vehicle (SPV) created to own a 49% interest in Enbridge Canadian Renewable LP (the Joint Venture (JV) or JV Partnership), with the remaining 51% owned by Enbridge Pipelines Inc. (EPI; rated “A” with a Stable trend by DBRS) and Enbridge Income Partners Holdings Inc. (together with EPI, Enbridge). The debt issuance in the amount of $677.5 million includes two tranches of Notes: (1) Series A Senior Notes in the amount of $348.5 million, maturing on March 31, 2034, and (2) Series B Senior Notes in the amount of $329.0 million, maturing on June 30, 2034. The two tranches of Notes will rank pari passu. The main purpose of the Notes issuance is to refinance the bridge loan that was used to finance the purchase of the 49% interest in the JV.