DBRS Assigns Rating of R-1 (high) to CPPIB Capital Inc.’s Euro Commercial Paper Notes

DBRS Limited (DBRS) has today assigned a rating of R-1 (high) with a Stable trend to the Euro Commercial Paper Notes (the Euro CP) program of CPPIB Capital Inc. (CPPIB Capital or the Issuer). CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPPIB; rated AAA with a Stable trend by DBRS). The Euro CP will be unconditionally and irrevocably guaranteed by CPPIB and will rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CPPIB Capital. The maximum principal amount of the Euro CP outstanding at any one time together with (1) the aggregate principal amount of short-term commercial paper notes outstanding under the Issuer’s Canadian and U.S. commercial paper programs and (2) any notes with a remaining maturity of less than one year issued under the Issuer’s Canadian and U.S. medium-term note programs shall not exceed $15 billion.

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 principal methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers. The other applicable methodology is Structured Finance Flow-Through Ratings. These can be found on dbrs.com under Methodologies.

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