DBRS confirms Pembina

DBRS said it confirmed the senior notes and the 7.38% senior secured notes of Pembina Pipeline Corp. at BBB (high).

The trend is stable.

The rating reflects the fact that the secured notes only account for a small portion of total debt outstanding and that Pembina has no intention to issue additional secured notes, according to the agency.

Ratings are underpinned by Pembina's relatively stable pipeline businesses and its solid interest coverage and cash flow metrics, the agency said.

Although the total debt ratio was relatively high, the senior debt leverage ratio remained moderate, in line with historical levels, the agency said.

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