Moody’s rates Veresen loans Ba3

Moody's Investors Service said it assigned a Ba3 corporate family rating and a B1-PD probability of default rating to Veresen Midstream LP.

The agency also assigned a Ba3 rating to its proposed $600 million senior secured term loan B, C$75 senior secured revolving credit facility and C$1.3 billion senior secured bank loan expansion facility.

The speculative grade liquidity rating is SGL-3.

The outlook is stable.

Proceeds from the loan will be used to partially finance the C$720 million acquisition of the Dawson assets from Encana Corp. (Baa2 stable). The C$1.3 billion expansion facility will be used to fund growth capital expenditures.

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