DBRS Assigns AAA Rating to CPPIB Capital Inc.’s USD 2 Billion Series 11 Notes

DBRS Limited (DBRS) assigned a rating of AAA with a Stable trend to the U.S.-dollar-denominated Series 11 Notes issued by CPPIB Capital Inc. (CPPIB Capital). The USD 2 billion Series 11 Notes have a coupon rate of 2.75% and a maturity date of July 22, 2021. CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPPIB; rated AAA with a Stable trend by DBRS). The Series 11 Notes are unconditionally and irrevocably guaranteed by CPPIB and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CPPIB Capital.

Notes:
The principal methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers and Structured Finance Flow-Through Ratings, which can be found on dbrs.com under Methodologies & Criteria.

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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