DBRS Rates CN Rail’s Debt Securities Shelf A (low), Stable Trend

DBRS has today assigned a rating of A (low), with a Stable trend, to the senior unsecured debt of Canadian National Railway Company (CN or the Company) issued under the Company’s preliminary short-form base shelf prospectus dated October 31, 2011. Under the prospectus, CN may issue, from time to time over a 25-month period, senior unsecured and/or subordinated unsecured debt totaling $2.5 billion. It should be noted that DBRS does not currently rate CN’s subordinated debt.

According to the shelf prospectus, unless otherwise indicated in the applicable prospectus supplement, the debt securities to be issued under this shelf prospectus will be (1) senior unsecured obligations that rank pari passu with all of CN’s other senior unsecured and unsubordinated debt and/or (2) unsecured subordinated securities that will be subordinate, in right of payment, to all senior indebtedness.

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

Notes:
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.