DBRS Assigns A (low) Rating to CN’s US$500 Million Note Issuance

DBRS has today assigned a rating of A (low) to the US$500 million in senior unsecured notes (the Notes) issued by Canadian National Railway Company (CN or the Company). The trend is Stable. The Notes were issued in two tranches – US$250 million 2.25% notes due on November 15, 2022, and US$250 million 3.50% notes due on November 15, 2042 – and will rank pari passu with all other senior unsecured indebtedness of the Company. The Notes were issued under the Company’s $2.5 billion shelf prospectus, which became effective on November 4, 2011, and pursuant to an indenture dated as of June 1, 1998.

Proceeds from the Notes will be used for repayment of CN’s US$400 million notes when they mature on March 15, 2013, with the remainder to be used for general corporate purposes.

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.