DBRS Rates CP Rail’s MTN 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 medium-term notes (the Notes).

As per the filing, unless otherwise indicated in any applicable pricing supplement or other prospectus supplement, the Notes to be issued under this shelf prospectus will be unsecured obligations of the Company and rank pari passu with all other unsecured and unsubordinated indebtedness of CP. The Notes will be issued under the Company’s May 23, 2008, trust indenture.

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

Note:
All figures are in Canadian 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.