DBRS Assigns BBB (high) Rating, Stable Trend, to Canadian Pacific Railway Debt Issuance

DBRS Limited (DBRS) has assigned a rating of BBB (high) with a Stable trend to the Senior Unsecured Notes (the Notes) of Canadian Pacific Railway Company (CPR or the Company). The Notes issuance is intended to refinance outstanding amounts under the commercial paper program of approximately USD 675 million, with the remainder for general corporate purposes.

The issuance consists of 2.90% fixed-rate notes due February 1, 2025. The Notes will be direct, unsecured and unsubordinated obligations of CPR and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Company.

The Notes were issued under the base shelf prospectus dated July 11, 2013, which allows for offerings of up to USD 1.5 billion of debt securities. The debt securities are pursuant to the Company’s May 8, 2007, trust indenture.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodologies are Rating Companies in the Railway Industry (July 2014) and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (February 2014), which can be found on our website under Methodologies.

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