DBRS Confirms AAA Rating on PSP Capital Inc.’s Series 5 Medium-Term Notes Post-Reopening

DBRS Limited (DBRS) confirmed the rating of AAA with a Stable trend on the Series 5 Medium-Term Notes (the Notes) issued by PSP Capital Inc. (PSP Capital) following the reopening of the Notes. PSP Capital reopened the Notes by issuing an additional $500 million with the same coupon rate (3.03%) and maturity date (October 22, 2020) as the initial issuance. The total amount of notes outstanding after the reopening is $1 billion. PSP Capital is a wholly owned subsidiary and the principal financing vehicle of the Public Sector Pension Investment Board (PSPIB). The Notes are unconditionally and irrevocably guaranteed by PSPIB and rank pari passu with all other present and future unsecured and unsubordinated obligations of PSP Capital.

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 methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers and Structured Finance Flow-Through Ratings, which can be found on our website under Methodologies.

The rated entity or its related entities did participate in the rating process. DBRS had access to the accounts and other relevant internal documents of the rated entity or its related entities.

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