DBRS Assigns Rating to PSP Capital Inc.’s Reopening of Series 7 Notes at AAA

DBRS Limited (DBRS) has today assigned a rating of AAA to PSP Capital Inc.’s issue of $500 million of Series 7 Notes (the Notes), which is a reopening of this series of notes, maturing on April 4, 2024. The trend on the rating is Stable. PSP Capital Inc. is a wholly owned subsidiary and principal financing vehicle of the Public Sector Pension Investment Board (PSPIB; rated AAA by DBRS), and unconditionally and irrevocably guarantees the Notes. Net proceeds will be used to partially repay upcoming term debt maturities and to pay down Canadian commercial paper outstanding.

DBRS will release a report on the PSPIB and PSP Capital Inc. in the coming days that provides further analytical details.

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.

The applicable methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (May 2014).

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.