DBRS rates Teranet BBB (high)

DBRS said it assigned a provisional rating of BBB (high) with a stable trend to the proposed senior secured debt issue of Teranet Holdings LP, the financing vehicle unconditionally guaranteed by Teranet Inc.

The rating reflects the fact that Teranet owns the Province of Ontario's electronic land registry system and has the exclusive right to access the data in and operate it, according to the agency.

Teranet is inherently a very strong free cash flow generating business, with high levels of EBITDA and very low capital expenditure requirements, the agency said.

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