DBRS Assigns BBB (low) Rating to CP’s C$1.5 Billion MTN Shelf, Stable Trend

DBRS has assigned a rating of BBB (low), with a Stable trend, to Canadian Pacific Railway Company’s (CP’s 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 C$1.5 billion of medium-term notes (the Notes), similar to CP’s previous base shelf prospectus, which expires at the end of July 2013.

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.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Companies in the Railway Industry, which can be found on our website under Methodologies.