DBRS Assigns Rating of “A,” Stable Trend, to Canadian National Railway Debt Issuance

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to the USD 650 million, 3.20% Senior Unsecured Notes (the Notes) maturing August 2, 2046, issued by Canadian National Railway Company (CN or the Company). Net proceeds of the Notes will be used for general corporate purposes, including redemption and refinancing of outstanding indebtedness and share repurchases.

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. The Notes were issued based on CN’s prospectus supplement dated July 28, 2016, and under the base shelf prospectus dated January 5, 2016, which allows for offerings of up to $6.0 billion of debt securities. The debt securities are pursuant to the Company’s trust indenture dated June 1998, as amended from time to time.

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

The applicable methodologies are Rating Companies in the Railway Industry (February 2016) and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (April 2016), 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.