DBRS Assigns BBB (low) Rating to CP’s US$1.5 Billion Debt Securities Shelf, Stable Trend

DBRS has assigned a rating of BBB (low), with a Stable trend, to Canadian Pacific Railway Company’s (CP or the Company) short-form base shelf prospectus dated July 3, 2013. The renewed shelf allows CP to offer, from time to time over a 25-month period, up to US$1.5 billion of senior unsecured debt, similar to CP’s previous base shelf prospectus, which expires at the end of July 2013.

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 Railway Industry, which can be found on our website under Methodologies.