DBRS Assigns Rating of “A” to Caterpillar Financial Services Limited’s Medium-Term Notes (Unsecured)

DBRS Limited (DBRS) assigned a rating of “A” with a Stable trend to Caterpillar Financial Services Limited’s (CFSL or the Company) issuance of $300 million Medium-Term Notes (Unsecured) due September 12, 2022, (collectively, the Notes). The assigned rating is based upon the rating on already-outstanding series of the above-mentioned debt instrument.

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 EUR 5 billion Euro Medium-Term Notes Program filed on March 15, 2019. 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 2019) and DBRS Criteria: Guarantees and Other Forms of Support (January 2019), 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.

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

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