DBRS gives Pembina preferreds Pfd-3

DBRS said it assigned a rating of Pdf-3 with a stable trend to Pembina Pipeline Corp.’s C$300 million cumulative redeemable minimum rate reset class A preferred shares, series 23 and C$250 million cumulative redeemable minimum rate reset class A preferred shares, series 25. The ratings being assigned are based upon the ratings on already outstanding series of preferred shares.

Pembina issued the series 23 and 25 shares in exchange for Kinder Morgan Canada Ltd.’s C$550 million cumulative preferred shares in connection with the issuer closing its acquisition of KMC on Dec. 16. DBRS notes the series 23 and 25 shares issuance had no effect on the issuer’s credit profile.

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