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TransLink Secures $200 Million in Tenth Bond IssueTransLink
NEW WESTMINSTER – TransLink successfully launched its tenth bond issue in November, bringing in $200 million to help finance capital projects as outlined in the Mayors’ Council 10-Year Vision for Metro Vancouver Transportation. As Canada’s only transportation agency to raise funds directly through Canadian debt capital markets, TransLink has raised $1.53 billion since 2010. Funds will go towards financing our capital spending including fleet replacements and expansion for bus, SkyTrain and West Coast Express, and upgrades to SkyTrain stations along the Expo Line.
“Our ability to go directly to the capital markets with a solid reputation as a good investment means greater cost certainty for how we manage our debt,” said Cathy McLay, TransLink CFO and Executive Vice-President of Finance and Corporate Services. “Investors can put their money anywhere and they choose us. This consistent demand for our bonds also helps to ensure we maintain access to capital that keeps Metro Vancouver’s road and transit network moving now and into the future.”
In September, Dominion Bond Rating Service (DBRS) reaffirmed TransLink’s AA stable credit ratings and in October, Moody’s Investors Service and Dominion Bond Rating Service (DBRS) reaffirmed TransLink’s Aa2 stable credit ratings. Credit rating reports are available at translink.ca.
Both agencies highlight TransLink’s diverse revenue streams, solid governance and management practice, and track record of finding cost efficiencies as reasons for the high credit rating.
TransLink Media Relations