DBRS Assigns R-2 (high) Rating to Canadian Pacific Railway’s CP Program, Stable

DBRS has today assigned a rating of R-2 (high) to Canadian Pacific Railway Company’s (the Company) USD 1.0 billion Commercial Paper Program with a Stable Trend. DBRS notes that the program meets DBRS’s “Commercial Paper Liquidity Support for Non-Bank Issuers”. Commercial Paper issued under the program will constitute direct, unconditional, unsecured and unsubordinated obligations of the Company and will rank pari passu with all other unsecured and unsubordinated obligations of the Company.

DBRS expects that the proceeds from the sale of short-term notes issued under the program will be used for general corporate purposes and that the maximum aggregate principal amount of Commercial Paper outstanding at any one time shall not exceed USD 1.0 billion.

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.

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