DBRS Morningstar Assigns Rating of BBB (high) with a Stable Trend to Tourmaline Oil Corp.’s Senior Unsecured Notes Offering

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Tourmaline Oil Corp.’s (Tourmaline; rated BBB (high) with a Stable trend by DBRS Morningstar) $200 million 2.529% Senior Unsecured Notes, Series 2 due February 2029 (the Notes). DBRS Morningstar notes that Tourmaline plans to use the net proceeds from the Notes offering for refinancing its existing indebtedness and for general corporate purposes. The rating being assigned is based upon the rating on an already-outstanding series of the above-mentioned debt instrument.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Oil and Gas and Oilfield Services Industries (August 17, 2020; https://www.dbrsmorningstar.com/research/365808) and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021; https://www.dbrsmorningstar.com/research/379424), which can be found on dbrsmorningstar.com under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021; https://www.dbrsmorningstar.com/research/373262).

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577