DBRS Assigns Rating of “A” with Stable Trend to John Deere Financial Inc.’s Medium-Term Notes (Unsecured)

DBRS Limited (DBRS) assigned a rating of “A” with a Stable trend to John Deere Financial Inc.’s (JDFI or the Company) $300 million unsecured Medium-Term Notes (the Notes) issued under the Private Placement Program.

JDFI’s rating is based on the rating of its ultimate parent, Deere & Company (rated “A” with a Stable trend by DBRS), 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 from the ultimate parent. The rating being assigned is based upon the rating on already-outstanding series of the above-mentioned debt instrument.

The Notes issued under the Medium-Term Notes (Unsecured) Private Placement Program will be direct, unsecured obligations of the Company and will rank pari passu with all other unsubordinated indebtedness of JDFI and JDCC. Net proceeds from the sale of the Medium-Term Notes will be used for the Company’s general corporate purposes.

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.

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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