DBRS Rates CPPIB Capital Inc.’s U.S. Short-Term Promissory Notes

DBRS has today assigned a provisional rating of R-1 (high) with a Stable trend to the proposed U.S. Short-Term Promissory Notes (commercial paper or CP) program of CPPIB Capital Inc., the guaranteed financing subsidiary of Canada Pension Plan Investment Board (CPPIB or the Fund). The commercial paper will be unconditionally and irrevocably guaranteed by CPPIB and will rank pari passu with all other unsecured and unsubordinated obligations of CPPIB Capital Inc. The maximum principal amount of the notes outstanding at any one time together with the aggregate principal amount of the short-term commercial paper notes outstanding under the Issuer’s Canadian commercial paper program shall not exceed C$10 billion, C$5 billion of which is currently authorized, and up to a further C$5 billion of which may be authorized by the board of directors in the future.

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The applicable methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (May 2012), which can be found on our website under Methodologies.