We are affirming our 'BBB' long-term corporate credit and issue-level ratings on Toronto-based property search and registration provider Teranet Holdings L.P. We have updated our rating thresholds and are modifying the downside and upside outlook statements. Specifically, we are revising our downgrade funds from operations (FFO)-interest-coverage trigger to 1.75x from 1.50x and clarifying that an upgrade is unlikely during our rating horizon given that we do not see FFO-to-debt reaching 12%, the level at which we could consider an upgrade. The stable outlook reflects our expectation that relatively stable registration volumes combined with price increases applicable to both the Ontario and Manitoba registries should support FFO interest coverage of 1.8x–2.0x and FFO-to-debt of 4%-5% in the next few years. On
