DBRS Assigns “A” Ratings with Stable Trends to Caterpillar Financial Services Limited’s Medium-Term Notes (unsecured)

DBRS Limited (DBRS) assigned “A” ratings to Caterpillar Financial Services Limited’s (CFSL or the Company) issuance of $200 million Medium-Term Notes (unsecured) due on December 9, 2019, and $250 million Medium-Term Notes (unsecured) due on June 8, 2021, (collectively, the Notes). All trends are Stable.

CFSL’s ratings are based on the rating of the ultimate parent, Caterpillar Inc. (rated “A” with a Stable trend by DBRS), as the Company’s debt is unconditionally guaranteed by Caterpillar Financial Services Corporation (rated “A” with a Stable trend by DBRS), which is also rated in line with Caterpillar Inc. on the basis of a support agreement and the implicit support of the ultimate parent.

The issuance of the Notes is under the $1.5 billion Medium-Term Notes (unsecured) shelf prospectus filed on October 7, 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.

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

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

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.