DBRS Limited discontinued Valener Inc.’s (Valener or the Company) Cumulative Rate Reset Preferred Shares rating of Pfd-2 (low) following repayment of the only outstanding issue.
On March 27, 2019, Valener announced that Noverco Inc. (Noverco), the controlling partner and indirect 71% owner of Énergir, L.P., entered into a definitive arrangement agreement under which Noverco would indirectly acquire all issued and outstanding common shares as well as the Cumulative Rate Reset Preferred Shares of Valener (the Arrangement). Following completion of the Arrangement, Valener will no longer issue any public securities and the rating is therefore discontinued at the Company’s request.
The principal methodologies are Rating Companies in the Regulated Electric, Natural Gas and Water Utilities Industry, DBRS Criteria: Preferred Share and Hybrid Security Criteria for Corporate Issuers and DBRS Criteria: Rating Corporate Holding Companies and Their Subsidiaries, which can be found on dbrs.com under Methodologies & Criteria.
The rated entity or its related entities did participate in the rating process for this rating action. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
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