DBRS raises Pembina Pipeline

DBRS said it upgraded the issuer rating and senior unsecured notes rating of Pembina Pipeline Corp. to BBB (high) from BBB, the preferred shares rating to Pfd-3 (high) from Pfd-3 and its subordinated notes rating to BBB (low) from BB (high).

“The upgrades reflect (1) Pembina’s operational resiliency and financial flexibility during both the low oil price environment and the Coronavirus Disease (Covid-19) pandemic in 2020 as well as its strong credit metrics and liquidity during this period; and (2) a material reduction in Pembina’s potential exposure to commodity price risk as the company indefinitely suspended the propane dehydrogenation (PDH) plant and polypropylene (PP) upgrading facility (PDH/PP facility),” DBRS said in a press release.

The trend is stable.

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