DBRS rates AltaLink notes A

DBRS said it assigned a rating of A with a stable trend to AltaLink, LP’s issuance of C$450 million of 3.717% medium-term notes due Dec. 3, 2046.

The notes were issued pursuant to AltaLink’s C$2 billion short-form base shelf prospectus dated June 23, 2015, DBRS said, and rank pari passu with all present and future senior secured indebtedness of AltaLink.

The notes have priority over all present and future unsecured indebtedness and all subordinated indebtedness, the agency said.

The proceeds will be used to repay AltaLink’s short-term indebtedness, including indebtedness outstanding under AltaLink’s commercial-paper program, DBRS said.

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