DBRS Limited

Infrastructure
Expertise

About
DBRS
Founded in 1976, DBRS is a full-service rating
agency with offices in Toronto, New York, Chicago
and London. As one of the top four ratings agencies in the world, DBRS is globally recognized as
a provider of timely, in-depth and insightful credit
analysis. DBRS full-service capabilities cover sectors including financial institutions, sovereign
ratings, corporate entities, securitizations and
public finance transactions. With an investor following of over 16,000 subscribers and more than
1,500 issuer ratings, DBRS is a trusted source of
accurate, transparent and objective research.

Global
Recognition
NRSRO
DBRS is a nationally recognized statistical rating organization registered with
the U.S. Securities Exchange Commission.

NAIC
One of the seven approved rating agencies (AROs) by the National Association
of Insurance Commissioners

ECAI
Recognized as an External Credit Assessment Institution in Canada, Austria,
Denmark, Finland, France, Germany, Ireland, Norway, the Netherlands, Sweden, Switzerland, the UK and Spain

ECAF
Approved by the Eurosystem Credit Assessment Framework

IOSCO
DBRS adheres to the Code of Conduct Fundamentals for Credit Rating Agencies
outlined in 2008 by the International Organization of Securities Commissions

ESMA
Registered as a credit rating agency in the European Union

DRO
Approved as a Designated Rating Organization by Canadian regulators under
their new framework

OFGEM
One of the four credit rating agencies recognized by Ofgem (Office of Gas and
Electricity Markets) and is mentioned directly in Ofgems Transmission License
Standard Conditions

TIFIA
Approved by The Transportation Infrastructure Finance and Innovation Act
program to rate their loan applicants

Stable Rating
Philosophy
DBRS takes a longer term
through the cycle view of
the issuer and consequently
seeks to minimize rating
changes that are due primarily to global economic
changes. The goal of each
rating is to provide a forward
looking assessment of the
credit quality of the issuer.

CORPORATE RATING VOLATILITY 2014

52

DBRS
Peer Average

Rating changes are

made for structural
reasons, not cyclical
factors.

36
34
33

32

28
23

22
19
17

AAA

AA

BBB

BB

Three-year average percentage of ratings that changed by rating category

Source:
DBRS 2014 Corporate Rating Transition and Default Study, March 2015
Standard & Poors Ratings Services Form NRSRO 2014, April 2015
Moodys Investors Service, Inc. Annual Certification of Form NRSRO 2014, March 2015
Fitch Ratings, Inc. Global Corporate Finance 2014 Transistion and Default Study, March 2015

Infrastructure
Expertise

PROJECT
FINANCE

PUBLIC-PRIVATE
PARTNERSHIPS

TRADITIONAL
INFRASTRUCTURE

Operating in one of the most resourcerich continents in the world, DBRS

has gained extensive experience rating assets ranging from power generation and pipelines to oil and gas
projects. DBRSs expertise in this sector properly positions our analysts to
participate in new projects being delivered that help to address the growing need for energy on a global scale.

Having delivered over 20 availabilitybased and volume-based ratings in the

sector, DBRS is the leading rating agency in the most active PPP market in
the world. Our expert team of analysts
is capable of supporting multiple bid
teams independently and draws experience from over 70 bid submission
ratings in over a dozen jurisdictions.

Collectively, DBRSs analysts draw

from a wealth of prior experience in
various fields, including civil engineering, law, public procurement, public
finance and project advisory. This
deep and diverse background provides the team with a comprehensive
understanding of the construction,
operational and financing risks associated with infrastructure projects.

Coverage:
Thermal Power Generaiton
Renewable Energy
Oil and Natural Gas
Pipelines

Coverage:
Hospitals and Social Infrastructure
Roads and Toll Roads
Bridges and Tunnels
Light Rail

Coverage:
Airports and Ancillary Services
Ports
Container Terminals

Project Finance

PPP

Selected Project Portfolio*

NAME

DBRS RATING

PROJECT TYPE

New Brunswick (F-M) Project Company Inc.

A (high)

407 International Inc.

A /A (low) / BBB

NorthwestConnect General Partnership

Plenary Health Bridgepoint LP

Plenary Health Care Partnerships Humber LP

Plenary Health Hamilton LP

Plenary Properties LTAP LP

407 East Development Group

A (low)

Accs Recherche Montral LP

A (low)

Capital City Link General Partnership

A (low)

CSS (FSCC) Partnership (Forensics Services)

A (low)

Hospital Infrastructure Partners (NOH)

Partnership
ITS SJHC Partnership

A (low)

Plenary Justice Okanagan LP

A (low)

Rainbow Hospital Partnership

A (low)

Health Montral Collective Ltd Partnership

BBB (high)

InPower BC GP

BBB (high)

SNC-Lavalin Innisfree McGill Finance Inc.

BBB (high)

Strait Crossing Dev. Inc.

BBB (low)

DBFOM (30 yrs)

Highway (greenfield)
DBFOM
Highway (greenfield)
DBFM (39 mos + 30 yrs)
Highway (greenfield)
DBFM (43 mos + 30 yrs)
Hospital (brownfield)
DBFM (43.5 mos + 30 yrs)
Hospital (greenfield)
DBFM (36 mos + 30 yrs)
Clinical (brownfield)
DBFM (42 mos + 30 yrs)
Offi ces (greenfield)
DBFM (43 mos + 30 yrs)
Highway (greenfield)
DBFM (40 mos + 30 yrs)
Research (brownfield)
DBFM (53 mos + 30 yrs)
Highway (brownfield/
greenfield)
DBFM (31 mos + 30 yrs)
Research (brownfield)
DBFM (48 mos + 30 yrs)
Hospital (greenfield)
DBFM (44 mos + 30 yrs)
Clinical (brownfield)
DBFM (31 mos + 30 yrs)
Correctional Centre
(greenfield)
DBFM (37mos + 30 yrs)
Clinical (brownfield)
DBFM (8.7 yrs + 30 yrs)
Hospital (brownfield)
DBFM (65 mos + 15 yrs)
Hydro Plant (brownfield)
DBFM (51 mos + 30yrs)
Hospital (brownfield)
DBFOM Bridge
(greenfield)

A (low)

NAME

DBRS RATING

CAPACITY

Spy Hill Power LP

Natural Gas - Peaking, Saskatchewan
Mississagi Power Trust
Hydro - Run-of-River, Ontario
North Battleford Power LP
Natural Gas - Baseload, Saskatchewan
Cory Cogeneration Funding Corp.
Natural Gas, Saskatchewan
Comber Wind Financial Corp.
Wind, Ontario
St. Clair Holdings, ULC
Solar, Ontario
Trillium Windpower LP
Wind, Ontario

86 MW

A (low)

488 MW

A (low)

260 MW

BBB (high)

228 MW

BBB

166 MW

BBB

40 MW

BBB

147 MW

*to view our comprehensive list of projects, see the PPP Fact Sheet at www.dbrs.com.

REVENUE
SOURCE

DEBT POST. SUB.

COMPLETION
DSCR

100% lease
payments
100% toll

n.m.

100% availability

$124.9M
(Feb 28, 2014)
$6.2B
(Dec 31, 2013)
$619.5M
(bank & bond debt)
$252.1M

100% availability

$524.1M

1.25x

100% availability

$254.8M

1.22x

100% availability

$839.6M

1.23x

100% availability

$120.4M

1.2x

100% availability

$334.1M

1.37x

100% availability

$535M

1.27x

100% availability

$190.3M

1.25x

100% availability

$543.5M

1.25x

100% availability

$211.7M

1.21x

100% availability

$114.5M

1.21x

100% availability

$71.4M

1.22x

99% availability &

1% retail
100% availability

$1,370.8M

1.25x

$287M

1.27x

98% availability &

2% retail
100% toll

$764.1M (+$61M)

1.38x
(1.27x)4
1.13x

100% availability

$285.0M
(Sep 30, 2013)

2.6x (sr & jr

interest)
1.15x
1.22x

REVENUE
COUNTERPARTY

CONTRACT
TYPE

CURRENT DEBT
OUTSTANDING
($ MILLION)

DSCR CURRENT

SaskPower
AA
Shareholder
(NR)
SaskPower
AA
SaskPower
AA
OPA
A (high)
OPA
A (high)
OPA
A (high)

Tolling

$151.8

1.81x

Contract for
Differences
Tolling

$175.0

2.13x

$667.3

2.15x

Tolling

$129.0

1.18x

FIT Contract

$434.4

1.56x

RESOP - Contract
for Differences
FIT Contract

$164.9

1.61x

$313.3

NA

Rating
Highlights
A

A (Low)

BBB

BBB (High)

407 INTERNATIONAL INC.

407 International Inc. through its concession company, is responsible for the operations, management and expansion of Highway
407 under a 99-year concession. Highway 407 is a 108-kilometre
electronic toll route that traverses the Greater Toronto Area, the
largest metropolitan area in Canada.

GREATER TORONTO AIRPORTS AUTHORITY

The GTAA is a non-share capital corporation that manages Toronto Pearson International Airport (Pearson), Canadas busiest airport, under a 60-year lease with the federal government (extendable for an extra 20 years).

CAPITAL CITY LINK GENERAL PARTNERSHIP

Capital City Link General Partnership is an Alberta partnership
formed to design, build, finance, operate and maintain the final
27-kilometre northeast leg of Anthony Henday Drive in Edmonton
under a 34.5-year agreement with the Province of Alberta.

TRILLIUM WINDPOWER, LP
Trillium Windpower, LP is the special-purpose entity that indirectly owns and operates the 124.4-megawatt Summerhaven and
22.9-megawatt Conestogo wind projects in Ontario under two 20year contracts with the Ontario Power Authority.

JOHN HART GENERATING STATION REPLACEMENT

InPower BC General Partnership is the special-purpose vehicle
created by SNC-Lavalin Capital Inc. and contracted by the British
Columbia Hydro and Power Authority to design, build, finance and
maintain a 132-megawatt hydroelectric power station located on
Campbell River under a 19.75-year publicprivate partnership
agreement with the British Columbia Hydro & Power Authority.

BBB (Low)

BBB

AAA

BBB (High)

A (Low)

STRAIT CROSSING DEVELOPMENT INC.

SCDI is the leasehold owner and operator of the 12.9-kilometre
Confederation Bridge (the Bridge) under a concession extending
until May 2032. Completed in 1997, the Bridge is the only fixed link
between Prince Edward Island and New Brunswick.

ST. CLAIR HOLDING, ULC

St. Clair Holding, ULC & St. Clair Solar, LP are special-purpose entities and co-Issuers of the bonds. St. Clair Solar, LP owns the project limited partnerships, which are special-purpose entities created to operate and maintain the two 20 MW PV solar sites located
in St. Clair, Ontario, under four 10 MW, 20-year PPAs with the OPA.

LOWER CHURCHILL
The Lower Churchill Project is a 824-megawatt hydroelectric power generating and transmission project developed by Nalcor Energy, a crown corporation wholly owned by the Province of Newfoundland and Labrador.

CENTRE HOSPITALIER DE LUNIVERSIT DE MONTRAL

Health Montral Collective Limited Partnership/Collectif Sant
Montral S.E.C. is the special-purpose entity contracted by the
Centre Hospitalier de lUniversit de Montral (CHUM) to design,
build, finance, maintain and rehabilitate a new 280,000 square
metre hospital in Montral under a 38.8-year project agreement.

BROOKFIELD RENEWABLE KWAGIS HOLDING INC.

Brookfield Renewable Kwagis Holding Inc. indirectly owns a
45-megawatt run-of-river hydroelectric power generating facility (the Project) in British Columbia. The Project has a long-term
Electricity Purchase Agreement (the EPA) with BC Hydro.

Our
Team

Corporate Business Development

Jireh Wong

Matthew Goetz

Catherine Chiarot

Managing Director

Vice President

Assistant Vice President

jwong@dbrs.com

mgoetz@dbrs.com

cchiarot@dbrs.com

+1 416 597 7527

+1 416 597 7352

+1 416 597 7311

Linda Lee
Assistant Vice President
llee@dbrs.com
+1 416 597 7394

Infrastructure Analysts
Eric Beauchemin

Grant Headrick

Andrew Lin

Group Managing Director,

Managing Director,

Managing Director,

Corporates

Infrastructure Finance

Project Finance/Energy

ebeachemin@dbrs.com

gheadrick@dbrs.com

alin@dbrs.com

+1 416 597 7552

+1 416 597 7453

+1 416 597 7393

Kevin Li

Andrew Chiu

Chris Gifford

Vice President,

Vice President,

Vice President,

Infrastructure Finance

Infrasturcture Finance

Project Finance

kli@dbrs.com

achiu@dbrs.com

cgifford@dbrs.com

+1 416 597 7328

+1 416 597 7351

+1 416 597 7398

Rana Toukan

Gideon Tjandra

Rachana Bhat

Vice President,

Senior Financial Analyst,

Senior Financial Analyst,

Project Finance

Infrasturcture Finance

Infrasturcture Finance

rtoukan@dbrs.com

gtjandra@dbrs.com

rbhat@dbrs.com

+1 416 597 7556

+1 416 597 7470

+1 416 597 7429

10

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DBRS Ratings Limited

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DBRS Limited
www.dbrs.com
info@dbrs.com