Credit Ratings

Credit ratings are intended to provide investors with an independent measure of credit quality of an issue of securities. Credit ratings are not recommendations to purchase, hold or sell securities and do not address the market quality or suitability of a specific security for a particular investor. These are assigned by credit rating agencies such as Moody's, Standard & Poor's, and DBRS. While TransCanada Corporation has a credit rating it is not an issuer of debt securities. Debt securities are held at the TransCanada PipeLines Limited or subsidiary companies, all of which hold an A grade credit rating (see table).

TransCanada Corporation
	Standard & Poor’s	Moody’s Investor Service	DBRS
Issuer Rating	A-	Baa1	n/a
Trend/Rating Outlook	Stable	Stable	n/a

TransCanada PipeLines Limited
	Standard & Poor’s	Moody’s Investor Service	DBRS
Senior Unsecured	A-	A3	A
Trend/Rating Outlook	Stable	Stable	Stable

NOVA Gas Transmission Ltd.
	Standard & Poor’s	Moody’s Investor Service	DBRS
Senior Unsecured	A-	A3	A
Trend/Rating Outlook	Stable	Stable	Stable

ANR Pipeline Co.
	Standard & Poor’s	Moody’s Investor Service	DBRS
Senior Unsecured	A-	A3	n/a
Trend/Rating Outlook	Stable	Stable	n/a

Gas Transmission Northwest LLC
	Standard & Poor’s	Moody’s Investor Service	DBRS
Senior Unsecured		A3	n/a
Trend/Rating Outlook	n/a	Stable	n/a

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