DBRS Assigns “A” Rating with Stable Trend to John Deere Canada Funding Inc.’s New $200 Million Medium-Term Notes

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to John Deere Canada Funding Inc.’s (JDCFI or the Company) new issue of 2.05% $200 million senior unsecured medium-term notes (the Notes or MTNs) due on May 13, 2022. The Notes are expected to settle on or around April 13, 2015.

JDCFI’s rating is based on the rating of its ultimate parent, Deere & Company, since JDCFI’s debt is unconditionally guaranteed by John Deere Capital Corporation (JDCC), which DBRS also rates in line with Deere & Company on the basis of a support agreement and the implicit support of the ultimate parent.

The issuance of Notes is under the $3.5 billion Short Form Prospectus dated August 26, 2014, which will be direct unsecured obligations of JDCFI and will rank pari passu with all other unsubordinated indebtedness of JDCFI and JDCC. Net proceeds from the sale of the MTNs will be used for general corporate purposes of the Company.

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

John Deere Canada Funding Inc.’s medium-term notes are unconditionally guaranteed by John Deere Capital Corporation.

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

The applicable methodologies are Rating Companies in the Industrial Products Industry (January 2015), Global Methodology for Rating Finance Companies (October 2014), DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (February 2014) and DBRS Criteria: Guarantees and Other Forms of Explicit Support (February 2015), which can be found on our website under Methodologies.