DBRS Assigns “A” Rating with Stable Trend to John Deere Canada Funding Inc.’s $300 Million Medium-Term Notes

DBRS Limited (DBRS) assigned a rating of “A” with a Stable trend to John Deere Canada Funding Inc.’s (JDCFI or the Company) issuance of 2.70% $300 million Medium-Term Notes (Unsecured) (the Notes) due on January 17, 2023.

JDCFI’s rating is based on the rating of the ultimate parent, Deere & Company, since the Company’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 the Notes is under the $3.5 billion Medium-Term Notes (Unsecured) shelf prospectus filed on August 16, 2016, and will be direct, unsecured obligations of the Company and will rank pari passu with all other unsubordinated indebtedness of JDCFI and JDCC. Net proceeds from the sale of the Notes 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.

The principal methodologies are Rating Companies in the Industrial Products Industry (February 2017), Global Methodology for Rating Finance Companies (November 2017) and DBRS Criteria: Guarantees and Other Forms of Support (February 2017), which can be found on dbrs.com under Methodologies.

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