DBRS Assigns Rating of R-1 (high) to OMERS Finance Trust’s U.S. Commercial Paper Program and Confirms Rating on the Canadian Commercial Paper Program

DBRS Limited (DBRS) assigned a rating of R-1 (high) with a Stable trend to the U.S. Commercial Paper (the U.S. CP) program of OMERS Finance Trust (OFT). DBRS also confirmed the rating on the Canadian Commercial Paper program (the Canadian CP, together with the U.S. CP, the CP) of OFT at R-1 (high) with a Stable trend. OFT is a wholly owned subsidiary and principal financing vehicle of OMERS Administration Corporation (OMERS; rated AAA with a Stable trend by DBRS). The CP is unconditionally and irrevocably guaranteed by OMERS and ranks pari passu with all other present and future unsecured and unsubordinated indebtedness of OMERS. There is a combined limit of $5.0 billion on the CP program, up from the previous limit of $3.1 billion on the Canadian CP. OMERS maintains a $3.75 billion credit facility as backup liquidity support for the CP program. DBRS notes that the terms of this facility are consistent with those outlined in the methodology “DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers” (March 2017).

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

The principal methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers, Structured Finance Flow-Through Ratings and DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers, which can be found on dbrs.com under Methodologies.

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 Dcouments or by contacting us at info@dbrs.com.

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

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