DBRS Rates CP Rail’s Debt Securities Shelf BBB, Stable Trend

DBRS has today assigned a rating of BBB, with a Stable trend, to Canadian Pacific Railway Company’s (CP’s or the Company’s) preliminary short-form base shelf prospectus dated June 20, 2011. This will allow CP to offer, from time to time over a 25-month period, up to $1.5 billion of senior unsecured debt.

As per the filing, unless otherwise indicated in the applicable prospectus supplement, the debt securities to be issued under this shelf prospectus will rank pari passu with all of CP’s other unsecured and unsubordinated debt. The debt securities will be issued under the Company’s May 8, 2007, trust indenture.

As ratings are subject to change, subsequent determination of CP’s debt ratings will be provided by DBRS as debt securities are issued under this shelf prospectus or in response to material changes in the Company’s business and or financial profile.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Companies in the North American Railway Industry, which can be found on our website under Methodologies.