DBRS Limited (DBRS Morningstar) assigned a rating of BBB with a Stable trend to Cameco Corporation’s (Cameco) $400 million Series H 2.95% Senior Unsecured Debentures due October 21, 2027. The rating assigned is based upon the ratings on an already-outstanding series of the above-mentioned debt instrument. The proceeds from the issuance are to be used to redeem Cameco’s $400 million Series E 3.75% Senior Unsecured Debentures due November 14, 2022.
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.
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The principal methodologies are Rating Companies in the Mining Industry (August 17, 2020), DBRS Morningstar Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (March 10, 2020), DBRS Morningstar Criteria: Guarantees and Other Forms of Support (January 22, 2020), and DBRS Morningstar Criteria: Rating Corporate Holding Companies and Parent/Subsidiary Rating Relationships (November 25, 2019), which can be found on dbrsmorningstar.com under Methodologies & Criteria.
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The rated entity or its related entities did participate in the rating process for this rating action. DBRS Morningstar had have access to the accounts and other relevant internal documents of the rated entity or its related entities in connection with this rating action.
Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.
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