All trends are Stable. Corridor is 100% owned by
Corridor's business risk profile continues to be supported by a cost-of-service-based firm service agreement (FSA) with relatively strong investment-grade shippers that are also the
Crude oil prices have recovered in 2021 due to (1) improving global oil demand as Coronavirus Disease (COVID-19) vaccines roll out around the world and (2) production cuts from
DBRS Morningstar expects Corridor to maintain a stable financial profile with predictable cash flows supported by the long-term FSA. DBRS Morningstar notes that Corridor has maintained its debt-to-rate base ratio at or around the benchmark criteria of 75% (Q1 2021: 73.1%). The ratings incorporate DBRS Morningstar's review of the Company's financial and other relevant information. Corridor has maintained a stable financial profile. Although an upgrade to Corridor's ratings is unlikely in the near term, the ratings could come under pressure should the credit quality of the shippers deteriorate materially.
ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.
Notes:
All figures are in Canadian dollars unless otherwise noted.
The principal methodologies are Rating Companies in the Pipeline and Diversified Energy Industry (
For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.
The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
The full report providing additional analytical detail is available by clicking on the link under Related Documents below or by contacting us at info@dbrsmorningstar.com.
For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.
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Ratings
Date Issued Debt Rated Action Rating Trend Attributesi
US = Lead Analyst based in USA
CA = Lead Analyst based in
EU = Lead Analyst based in EU
E = EU endorsed
U =
Unsolicited Participating With Access
Unsolicited Participating Without Access
Unsolicited Non-participating
28-Jun-21 Issuer Rating Confirmed A (low) Stb CA
28-Jun-21 Commercial Paper Confirmed R-1 (low) Stb CA
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