test performance QA non-rating PR a01

Date of Release: Month XX, 20XX

test PR

Industry Group: Text Placeholder
Subindustry: Text Placeholder
Region: Text Placeholder

DBRS Limited (Morningstar DBRS) Start text here

KEY CREDIT RATING CONSIDERATIONS
[This should be a paragraph or two explaining the rating action.]

CREDIT RATING DRIVERS
[Describe what factors could impact a credit rating and why.]

CREDIT RATING DRIVERS
[Describe what factors could lead to an upgrade or downgrade of the credit rating.]

EARNINGS OUTLOOK
[Ideally one paragraph.]

FINANCIAL OUTLOOK
[Ideally one paragraph.]

CREDIT Rating rationale
[Include key elements underlying rating.]

TRANSACTION-SPECIFIC DISCLOSURES

This disclosure includes any financial statement adjustments that deviate materially from those contained in the issuer's published financial statements.

test1

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE CONSIDERATIONS
ESG Considerations had a significant effect on the credit analysis.

Environmental (E) Factors

The following Environmental factor(s) had a relevant effect on the credit analysis:e

The following Environmental factor(s) had a significant effect on the credit analysis:e

Social (S) Factors

The following Social factor(s) had a relevant effect on the credit analysis: s

The following Social factor(s) had a significant effect on the credit analysis:s

Since the last rating action the relevance or significance of the following Social Factor(s) changed: qwe

Governance (G) Factors

The following Governance factor(s) had a significant effect on the credit analysis: g

A description of how Morningstar DBRS considers ESG factors within the Morningstar DBRS analytical framework can be found in the Morningstar DBRS Criteria: Approach to Environmental, Social, and Governance Factors in Credit Ratings (13 August 2024) https://dbrs.morningstar.com/research/437781

BUSINESS RISK ASSESSMENT (BRA) AND FINANCIAL RISK ASSESSMENT (FRA)
[CHOOSE APPROPRIATE OPTION AND DELETE THE OTHERS:]

A) Weighting of BRA Factors
[Option 1: If the methodology states that the factors appear in general order of importance:]
In the analysis of (insert issuer name), the BRA factors are considered in the order of importance contemplated in the methodology.

[Option 2: If the methodology states that the factors appear in general order of importance and one was more predominant:]
In the analysis of (insert issuer name), the following BRA factor was considered more important.

[Option 3: If the methodology states that the factors appear in the general order of importance and the factors carry approximately equal weight:]
In the analysis of (insert issuer name), the relative weighting of the BRA factors was approximately equal.

[Option 4: For Project Finance and other methodologies that do not specify BRA weightings - CHOOSE ONE:]
In the analysis of (insert issuer name), the Rating Driver factors listed in the methodology are considered in the order of importance.
In the analysis of (insert issuer name), the following Rating Driver factor listed in the methodology was considered more important.
In the analysis of (insert issuer name), the relative weighting of the Rating Driver factors listed in the methodology was approximately equal.

B) Weighting of FRA Factors
[Option 1: If the methodology states that the factors appear in general order of importance:]
In the analysis of (insert issuer name), the FRA factors are considered in the order of importance contemplated in the methodology.

[Option 2: If the methodology states that the factors appear in general order of importance and one was more predominant:]
In the analysis of (insert issuer name), the following FRA factor was considered more important.

[Option 3: If the methodology states that the factors appear in the general order of importance and the factors carry approximately equal weight:]
In the analysis of (insert issuer name), the relative weighting of the FRA factors was approximately equal.

[Option 4: For Project Finance and other methodologies that do not specify FRA weightings - CHOOSE ONE:]
In the analysis of (insert issuer name), the FRA factors listed in the methodology are considered in the order of importance.
In the analysis of (insert issuer name), the following FRA factor listed in the methodology was considered more important.
In the analysis of (insert issuer name), the relative weighting of the FRA factors listed in the methodology was approximately equal.

C) Weighting of the BRA and the FRA
[Option 1: if equal, choose this option]
In the analysis of (insert issuer name), the BRA and the FRA carry approximately equal weight.

[Option 2: if the BRA carries greater weight, choose this option]
In the analysis of (insert issuer name), the BRA carries greater weight than the FRA.

[Option 3: if the FRA carries greater weight, choose this option]
In the analysis of (insert issuer name), the FRA carries greater weight than the BRA.

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

Morningstar DBRS applied the following principal methodologies:

Global Methodology for Rating Companies in the Regulated Utility and Independent Power Producer Industries (30 January 2024)
https://dbrs.morningstar.com/research/427244

Global Methodology for Rating Non-Bank Financial Institutions (Test Subtitle)[Please Insert link to the methodology from website]

[DELETE THIS PARAGRAPH IF THE GLOBAL CORPORATE CRITERIA IS ALREADY LISTED ABOVE AS A PRINCIPAL METHODOLOGY.]
Morningstar DBRS credit ratings may use one or more sections of the Morningstar DBRS Global Corporate Criteria [(DAY, MONTH, YEAR ) - LINK], which covers, for example, topics such as holding companies and parent/subsidiary relationships, guarantees, recovery, and common adjustments to financial ratios.

The following methodologies have also been applied:

DBRS Morningstar Global Criteria: Common Adjustments for Calculating Financial Ratios (09 November 2023)
https://dbrs.morningstar.com/research/423052

DBRS Morningstar Global Criteria: Commercial Paper Liquidity Support for Nonbank Issuers (24 February 2023)
https://dbrs.morningstar.com/research/410196

The credit rating methodologies used in the analysis of this transaction can be found at: https://dbrs.morningstar.com/about/methodologies.

A description of how Morningstar DBRS analyzes corporate finance transactions and how the methodologies are collectively applied can be found at: https://dbrs.morningstar.com/research/431153.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link under Related Documents or by contacting us at info@dbrsmorningstar.com.

The credit rating was initiated at the request of the rated entity.

The rated entity or its related entities did participate in the credit rating process for this credit rating action.

Morningstar DBRS did not have access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is a solicited credit rating.

The credit rating was not initiated at the request of the rated entity.

The rated entity or its related entities did not participate in the credit rating process for this credit rating action.

Morningstar DBRS did not have access to the accounts, management and other relevant internal documents of the rated entity or its related entities in connection with this credit rating action.

This is an unsolicited credit rating. These credit ratings [or trend/outlook] were disclosed to the test2 and amended following that disclosure before being assigned.

These credit ratings are endorsed by DBRS Ratings Limited for use in the United Kingdom, and by DBRS Ratings GmbH for use in the European Union, respectively. The following additional regulatory disclosures apply to endorsed credit ratings:

A provisional credit rating is not a final credit rating with respect to the above-mentioned [security(ies)/loan/debt facility] and may change or be different than the final credit rating assigned or may be discontinued. The assignment of the final credit ratings on the above-mentioned [security(ies)/loan/debt facility] are subject to receipt by Morningstar DBRS of all data and/or information and final documentation that Morningstar DBRS deems necessary to finalise the credit ratings.

These credit ratings concern an expected-to-be issued new financial instrument/newly rated issuer.

These are the first Morningstar DBRS credit ratings on this financial instrument/issuer.

These credit ratings concern a newly issued financial instrument/newly rated issuer. These are the first Morningstar DBRS credit ratings on this financial instrument/issuer.

With respect to FCA and ESMA regulations in the United Kingdom and European Union, respectively, these are unsolicited credit ratings. These credit ratings were not initiated at the request of the issuer.

With Rated Entity or Related Third Party Participation: [YES][NO]
With Access to Internal Documents: [YES][NO]
With Access to Management: [YES][NO]

The conditions that lead to the assignment of a Negative or Positive trend are generally resolved within a 12-month period. Morningstar DBRS trends and credit ratings are under regular surveillance.

For further information on Morningstar DBRS historical default rates published by the European Securities and Markets Authority (ESMA) in a central repository, see: https://registers.esma.europa.eu/cerep-publication. For further information on Morningstar DBRS historical default rates published by the Financial Conduct Authority (FCA) in a central repository, see https://data.fca.org.uk/#/ceres/craStats.

Lead Analyst: Robert Streda, Senior Vice President,
Rating Committee Chair: Ketan Thaker, Managing Director,
Initial Rating Date: January 01, 4000

Information regarding Morningstar DBRS ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.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

[PLEASE FILL OUT ALL INFORMATION IN THIS TABLE OR DELETE TABLE IF NOT NECESSARY]

Issuer Debt Rated Credit Rating Action Credit Rating Trend Recovery Rating
Test Reg 3.117 CA CF A01 obl 2 UR-Dev. C N/A RR4
Test Reg 3.117 CA CF A01 obl 2 Confirmed C N/A RR4
Test Reg 3.117 CA CF A01 obl 4 Provis.-UR-Dev. R-2 (high) N/A N/A
Test Reg 3.117 CA CF A01 obl 4 Provis.-Final R-2 (high) N/A N/A
Test Reg 3.117 CA CF A01 obl 6 Downgraded D Pos RR4
Test Reg 3.117 CA CF A01 obl 6 Trend Change D Neg RR4
Test Reg 3.117 CA CF A01 obl 8 Confirmed C N/A RR4
Test Reg 3.117 CA CF A01 obl 8 UR-Dev. C N/A RR4
Test Reg 3.117 CA CF A01 obl 8 Name Change C N/A RR4
Test Reg 3.117 CA CF A01 obl 10 Upgraded CC Pos RR2
Test Reg 3.117 CA CF A01 obl 10 Trend Change CC Neg RR2
Test Reg 3.117 CA CF A01 obl 10 Tech. Change CC Neg RR2
Test Reg 3.117 CA CF A02 obl a1 New Rating B (high) N/A RR3
Test Reg 3.117 CA CF A02 obl a1 UR-Dev. B (high) N/A RR3
Test Reg 3.117 CA CF A02 obl a3 Provis.-New CCC (of) N/A N/A
Test Reg 3.117 CA CF A02 obl a3 Provis.-UR-Pos. CCC (of) N/A N/A
Test Reg 3.117 CA CF A02 obl a5 New Rating BB (high) (el) Pos N/A
Test Reg 3.117 CA CF A02 obl a7 New Rating A Pos N/A
Test Reg 3.117 CA CF A02 obl a9 Provis.-New CC N/A RR3
Test Reg 3.117 CA CF A02 obl a9 Provis.-UR-Dev. CC N/A RR3
Test Reg 3.117 CA CF A02 obl a9 UR-AIR CC N/A RR3

[ADD AS MANY CONTACT DETAILS AS APPLICABLE]

Contacts

Name: Robert Streda
Title:Senior Vice President- European Corporate Ratings
Phone number: +(1) 416 597 7397
E-mail: robert.streda@morningstar.com

Name: Ketan Thaker
Title:Managing Director- European Real Estate & NPL Ratings
Phone number: +(44) 20 3356 1525
E-mail: ketan.thaker@morningstar.com

The Morningstar DBRS group of companies consists of DBRS, Inc. (Delaware, U.S.)(NRSRO, DRO affiliate); DBRS Limited (Ontario, Canada)(DRO, NRSRO affiliate); DBRS Ratings GMBH (Frankfurt, Germany) (EU CRA, NRSRO affiliate, DRO affiliate); and DBRS Ratings Limited (England and Wales)(UK CRA, NRSRO affiliate, DRO affiliate). Morningstar DBRS does not hold an Australian financial services license. Morningstar DBRS credit ratings, and other types of credit opinions and reports, are not intended for Australian residents or entities. Morningstar DBRS does not authorize their distribution to Australian resident individuals or entities, and accepts no responsibility or liability whatsoever for the actions of third parties in this respect. For more information on regulatory registrations, recognitions and approvals of the Morningstar DBRS group of companies please see: https://dbrs.morningstar.com/research/highlights.pdf.

The Morningstar DBRS Group of companies are wholly-owned subsidiaries of Morningstar, Inc.

© 2024 Morningstar DBRS. All Rights Reserved. The information upon which Morningstar DBRS credit ratings and other types of credit opinions and reports are based is obtained by Morningstar DBRS from sources Morningstar DBRS believes to be reliable. Morningstar DBRS does not audit the information it receives in connection with the analytical process, and it does not and cannot independently verify that information in every instance. The extent of any factual investigation or independent verification depends on facts and circumstances. Morningstar DBRS credit ratings, other types of credit opinions, reports and any other information provided by Morningstar DBRS are provided "as is" and without representation or warranty of any kind and Morningstar DBRS assumes no obligation to update any such credit ratings, opinions, reports or other information. Morningstar DBRS hereby disclaims any representation or warranty, express or implied, as to the accuracy, timeliness, completeness, merchantability, fitness for any particular purpose or non-infringement of any of such information. In no event shall Morningstar DBRS or its directors, officers, employees, independent contractors, agents, affiliates and representatives (collectively, Morningstar DBRS Representatives) be liable (1) for any inaccuracy, delay, loss of data, interruption in service, error or omission or for any damages resulting therefrom, or (2) for any direct, indirect, incidental, special, compensatory or consequential damages arising from any use of credit ratings, other types of credit opinions and reports or arising from any error (negligent or otherwise) or other circumstance or contingency within or outside the control of Morningstar DBRS or any Morningstar DBRS Representative, in connection with or related to obtaining, collecting, compiling, analyzing, interpreting, communicating, publishing or delivering any such information. IN ANY EVENT, TO THE EXTENT PERMITTED BY LAW, THE AGGREGATE LIABILITY OF MORNINGSTAR DBRS AND THE MORNINGSTAR DBRS REPRESENTATIVES FOR ANY REASON WHATSOEVER SHALL NOT EXCEED THE GREATER OF (A) THE TOTAL AMOUNT PAID BY THE USER FOR SERVICES PROVIDED BY MORNINGSTAR DBRS DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO LIABILITY, AND (B) U.S. $100. Morningstar DBRS does not act as a fiduciary or an investment advisor. Morningstar DBRS does not provide investment, financial or other advice. Credit ratings, other types of credit opinions and other analysis and research issued by Morningstar DBRS (a) are, and must be construed solely as, statements of opinion and not statements of fact as to credit worthiness, investment, financial or other advice or recommendations to purchase, sell or hold any securities; (b) do not take into account your personal objectives, financial situations or needs; (c) should be weighed, if at all, solely as one factor in any investment or credit decision; (d) are not intended for use by retail investors; and (e) address only credit risk and do not address other investment risks, such as liquidity risk or market volatility risk. Accordingly, credit ratings, other types of credit opinions and other analysis and research issued by Morningstar DBRS are not a substitute for due care and the study and evaluation of each investment decision, security or credit that one may consider making, purchasing, holding, selling, or providing, as applicable. A report with respect to a Morningstar DBRS credit rating or other credit opinion is neither a prospectus nor a substitute for the information assembled, verified and presented to investors by the issuer and its agents in connection with the sale of the securities. Morningstar DBRS may receive compensation for its credit ratings and other credit opinions from, among others, issuers, insurers, guarantors and/or underwriters of debt securities. This publication may not be reproduced, retransmitted or distributed in any form without the prior written consent of Morningstar DBRS. ALL MORNINGSTAR DBRS CREDIT RATINGS AND OTHER TYPES OF CREDIT OPINIONS ARE SUBJECT TO DEFINITIONS, LIMITATIONS, POLICIES AND METHODOLOGIES THAT ARE AVAILABLE ON https://dbrs.morningstar.com. Users may, through hypertext or other computer links, gain access to or from websites operated by persons other than Morningstar DBRS. Such hyperlinks or other computer links are provided for convenience only. Morningstar DBRS does not endorse the content, the operator or operations of third party websites. Morningstar DBRS is not responsible for the content or operation of such third party websites and Morningstar DBRS shall have no liability to you or any other person or entity for the use of third party websites.