DBRS Assigns A (low) Rating with Stable Trend to CN Debt Issuance

DBRS has today assigned a rating of A (low) with a Stable trend to the Canadian National Railway Company’s (CN or the Company) issuance of USD 600 million Notes (the Notes), which were issued in two tranches. The two tranches – USD 250 million Floating-Rate Notes due 2017 and USD 350 million 2.95% Notes due 2024 – will rank pari passu with all other senior unsecured indebtedness of the Company. The Notes are expected to settle on November 14, 2014, and were issued under the base shelf prospectus dated December 3, 2013, which allows for offerings of up to $3 billion of debt securities and are pursuant to CN’s trust indenture dated June 1, 1998, as amended from time to time.

The Company intends to use the funds from issuance for general corporate purposes.

The Notes will be direct, unsecured and unsubordinated obligations of CN and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Company.

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

The applicable methodology is Rating Companies in the Railway Industry (July 2014), which can be found on our website under Methodologies.