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DBRS reviews Newalta
DBRS said it placed the CCC (high) issuer rating on Newalta Corp. and unsecured notes rating of CCC (low) under review with developing implications.
The positive trend on Newalta’s ratings was suspended.
The agency said the action follows Newalta’s announcement of an agreement to merge with Tervita Corp. by way of a share exchange in which Newalta shareholders will own 11% of the new company.
Tervita is expected to repay Newalta’s C$125 million notes and C$150 million notes maturing in 2019 and 2021 using fully committed bridge financing.
Going forward, DBRS said it will review the progress of the merger and financing arrangement as more details become available while continuing to review Newalta’s operating results and overall financial metrics.
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