Maritime Link Financing Trust: Rating Report
On October 18, 2018, DBRS Limited (DBRS) confirmed the AAA rating with a Stable trend on the 3.50% Bonds, Series A of $1.3 billion due December 1, 2052 (the Bonds), issued by Maritime Link Financing Trust (ML Financing Trust or the Issuer), a special-purpose funding trust established to facilitate the financing of the Maritime Link Transmission Project (the Project). The Bonds will fully amortize by the maturity date. The rating is predicated on the unconditional and irrevocable federal loan guarantee (the Guarantee) of the Bonds provided by the Government of Canada (Canada or the Guarantor). The rating action follows DBRS’s recent confirmation of Canada’s sovereign rating at AAA with a Stable trend (see DBRS’s related press release dated October 12, 2018).
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