S&P rates North West bonds A-

Standard & Poor’s said it assigned an A- rating to North West Redwater Partnership’s C$500 million series E senior secured bonds due 2026.

The partnership issued an additional C$300 million of 4.05% series B senior secured bonds due July 2044; the A- rating on these bonds is unchanged.

The outlook is stable.

North West is a 50-50 partnership between NWU LP and Canadian Natural Upgrading Ltd. North West will build and operate an upgrading and refining facility with the capacity to process about 78,000 barrels per day of bitumen blend, S&P said.

The project’s BBB+ stand-alone credit profile reflects its very strong contractual structure, which transfers effectively all project-risk during construction and operations to the tollpayers, S&P said.

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