DBRS Assigns “A” Rating with Stable Trend to John Deere Canada Funding Inc.’s $200 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% $200 million Medium-Term Notes (Unsecured) (the Notes) due on October 12, 2021.

JDCFI’s rating is based on the rating of the ultimate parent, Deere & Company (rated “A” with a Stable trend by DBRS), as the Company’s debt is unconditionally guaranteed by John Deere Capital Corporation (JDCC; rated “A” with a Stable trend by DBRS), which is also rated 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) base shelf prospectus filed on August 16, 2016. The Notes will be direct unsecured obligations of the Company and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Company 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.

The principal methodologies are Rating Companies in the Industrial Products Industry (February 2018), Global Methodology for Rating Finance Companies (November 2017) and DBRS Criteria: Guarantees and Other Forms of Support (January 2018), which can be found on dbrs.com under Methodologies.

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