DBRS Confirms Canadian Tire at BBB (high), R-2 (high), Stable Trends, Following Creation of CT REIT

DBRS has confirmed the Issuer Rating, Medium-Term Notes and Debentures ratings of Canadian Tire Corporation, Limited (CTC or the Company) at BBB (high), and its Commercial Paper rating at R-2 (high), all with Stable trends.

This rating action follows CTC’s and CT Real Estate Investment Trust’s (the REIT) announcement earlier today that the REIT has filed and obtained receipt for a preliminary prospectus in respect of its initial public offering of trust units. DBRS has assigned a rating of BBB (high) with a Stable trend to the REIT (see CT REIT press release, also dated September 10, 2013).

DBRS believes that the terms and conditions of the final transaction are substantially consistent with those contemplated in DBRS’s review of CTC’s proposed plan and subsequent confirmation of CTC’s ratings on May 9, 2013 (see separate press release).

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

The applicable methodology is Rating Companies in the Merchandising Industry (May 2011), which can be found on our website under Methodologies.