DBRS Rates Groupe Aeroplan Inc.’s Secured Debt Issue BBB with a Stable Trend

DBRS has today assigned a rating of BBB with a Stable trend to Groupe Aeroplan Inc.’s (Aeroplan or the Issuer) $150 million, 7.9% Senior Secured Notes (Notes) issue due September 2014.
The Notes will be direct secured obligations of the Issuer and will rank pari passu with all other secured and unsubordinated indebtedness of the Issuer. In the event that the pari passu ranking secured and unsubordinated indebtedness becomes unsecured, the Notes will become direct unsecured obligations and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer.
Proceeds will be used to repay existing bank debt and for general corporate purposes.

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

The applicable methodologies are Rating Consumer Products and Rating Merchandisers, which can be found on our website under Methodologies.

This is a Corporate rating.