Fixed Income Quarterly—Outlook
Page 21
Rating Agency Activity
Canadian CreditWatch List – Canadian Fixed Income Issuers
Table 2.1
Issuer Industry
DBRS
S&P
Moody's
Rating Outlook
Rating Outlook
Rating Outlook
407 East Development Group General Partnership1
INFRA
AL Negative
A- Stable
nr
BAC Canada Finance Company BANK
AL Stable
A- Negative
Baa2 Stable
Brookfield Corporation (BAM) REAL ESTATE
AL Negative
A- Stable
Baa2 Stable
Brookfield Office Properties REAL ESTATE
BBB Stable
BB+ CW-Developing
nr
Brookfield Renewable Energy Partners LP UTIL - Gas/Elec
BBBH Stable
BBB Positive
nr
Canadian Natural Resources Ltd. O&G
BBBH UR-Developing
BBB+ Stable
Baa1 Stable
Canadian Pacific Railway Company INFRA
BBBL Positive
BBB- CW-Positive
Baa3 UR-Positive
Citigroup Finance Canada BANK
AL Stable
A- Negative
Baa2 Stable
Edmonton Regional Airports Authority1
INFRA
AH Stable
A Positive
A1 Stable
Emera Inc. UTIL - Gas/Elec
BBBH UR-Developing
BBB+ Negative
nr
Encana Corporation O&G
BBB Stable
BBB Negative
Baa2 Stable
EPCOR Utilities Inc. UTIL - Gas/Elec
AL Stable
BBB+ Positive
nr
Fortis Inc. UTIL - Gas/Elec
AL UR-Developing
A- Negative
nr
FortisAlberta Inc. UTIL - Gas/Elec
AL Positive
A- Negative
Baa1 Stable
FortisBC Energy Inc. UTIL - Gas/Elec
A Stable
nr
A3 Negative
FortisBC Holdings Inc. UTIL - Gas/Elec
BBBH Stable
nr
Baa2 Negative
FortisBC Inc. UTIL - Gas/Elec
AL Stable
nr
Baa1 Negative
Granite REIT REAL ESTATE
BBB Stable
nr
Baa3 Positive
HSBC Bank Canada BANK
AAL Stable
AA- Negative
nr
Hydro One Inc. UTIL - Gas/Elec
AH Stable
A+ Negative
A1 Stable
Laurentian Bank of Canada BANK
BBBH Positive
BBB Stable
nr
Leisureworld Senior Care LP1
INFRA
A Stable
A- Negative
nr
Molson Coors Brewing Co. RETAIL
BBB Stable
BBB- Positive
Baa2 Stable
Nova Scotia Power Inc. UTIL - Gas/Elec
AL Stable
BBB+ Negative
nr
Ontario Power Generation UTIL - Gas/Elec
AL Stable
A- Negative
nr
Shaw Communications Inc. CABLE
BBB Stable
BBB- Positive
Baa3 Stable
Shoppers Drug Mart Corp.3
RETAIL
AL UR-Negative
BBB+ CW-Negative
nr
SNC-Lavalin Group Inc.4
INFRA
BBB Negative
BBB Negative
nr
Sobeys Inc. RETAIL
BBBL Stable
BBB- Negative
nr
Talisman Energy Inc. O&G
BBBH Stable
BBB Negative
Baa2 Negative
Teranet Holdings LP1
INFRA
BBB Stable
BBB+ Negative
nr
TransAlta Corporation UTIL - Gas/Elec
BBB Stable
BBB- Stable
Baa3 Negative
Viking Rideau1
REAL ESTATE
AH UR-Developing
nr
nr
Wells Fargo Canada Corporation BANK
AA Stable
A+ Negative
A2 Stable
As at March 31, 2014
Notes:
* Ratings are those of senior unsecured obligations or long-term corporate family rating
1 Ratings are those of senior secured debt
2 Ratings are those of subordinated debt
3 Shoppers Drug Mart was downgraded by DBRS to BBB (Stable) on April 1, 2014 and by S&P to BBB (Stable) on April 3, 2014.
4 SNC Lavalin Group was revised to Stable from Negative by S&P on April 1, 2014
Industry: ABS: Asset-Backed Security, AUTO: Auto, BANK: Bank, CABLE: Cable, FIN: Financial Services & Other Financials, IND: Industrial Products, INFRA: Infrastructure, INS: Insurance, M&M: Metals and Mining, O&G: Oil and Gas, OTHER: Other, PIPE: Pipeline, PFA: Pension Fund Agency, PP: Printing and Publishing, REAL ESTATE: Real Estate, RETAIL: Retailer, TEL: Telecom, UTIL: Gas/Elec: Gas and Electric Utility
Table 2.2
Canadian Rating Actions (Q1 2014)
As at March 31, 2014
Notes:
*Ratings are those of senior unsecured obligations or long-term corporate family rating
Industry: ABS: Asset-Backed Security, AUTO: Auto, BANK: Bank, CABLE: Cable, FIN: Financial Services & Other Financials, IND: Industrial Products, INFRA: Infrastructure, INS: Insurance, M&M: Metals and Mining, O&G: Oil and Gas, OTHER: Other, PIPE: Pipeline, PFA: Pension Fund Agency, PP: Printing and Publishing, REAL ESTATE: Real Estate, RETAIL: Retailer,
TEL: Telecom, UTIL: Gas/Elec: Gas and Electric Utility
Issuer Sector Date Rating Agency Rating Action
New Rating Former Rating Rating Outlook Rating Outlook
Winnipeg Airport Authority Inc. AltaLink L.P.
British Columbia Ferry Services Shaw Communications Inc. Canadian Pacific Railway Company Canadian Natural Resources Ltd. TransAlta Corporation FortisAlberta Inc.
Teranet Holdings LP
Canadian Pacific Railway Company British Columbia Ferry Services Brookfield Renewable Energy Partners LP
INFRA UTIL - Gas/Elec INFRA TEL INFRA O&G UTIL - Gas/Elec UTIL - Gas/Elec INFRA INFRA INFRA UTIL - Gas/Elec
13-Jan-14 Moody’s 17-Jan-14 S&P 24-Jan-14 S&P 27-Jan-14 S&P 30-Jan-14 DBRS 19-Feb-14 DBRS 24-Feb-14 Moody's 24-Feb-14 DBRS 11-Mar-14 DBRS 12-Mar-14 S&P 17-Mar-14 S&P 31-Mar-14 S&P
Downgrade Outlook Change Outlook Change Outlook Change Outlook Change Outlook Change Outlook Change Outlook Change Downgrade Outlook Change Upgrade Outlook Change
A2 Stable A1 A- Stable A- A+ CW-Positive A+ BBB- Positive BBB- BBBL Positive BBBL BBBH UR-Developing BBBH Baa3 Negative Baa3 AL Positive AL BBB Stable BBBH BBB- CW-Positive BBB- AA- Stable A+ BBB Positive BBB
Negative Negative Stable Stable Stable Stable Stable Stable Negative Stable CW-Positive Stable