Canadian Pacific Railway Company: Rating Report

On November 19, 2019, DBRS Limited (DBRS Morningstar) confirmed all long-term ratings of Canadian Pacific Railway Company (CP or the Company) at BBB (high) as well as its Commercial Paper rating at R-2 (high). All trends remain Stable. The ratings confirmation reflects the Company’s strong operating performance and efficiency and its commitment to a balanced financial policy resulting in solid leverage and operating metrics which DBRS Morningstar anticipates are sustainable going forward. While CP has accommodated strong demand over the past couple of years, it is well positioned to adequately address a potential slowdown in shipments and revenue growth owing to its efficient network and measures aimed at making optimal use of spare capacity.