DBRS Morningstar Assigns AAA Rating to CPPIB Capital Inc.’s GBP 500 Million Series 17 Notes

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the GBP 500 million Series 17 Notes (the Series 17 Notes) issued by CPPIB Capital Inc. (CPPIB Capital). The rating being assigned is based upon the existing rating assigned to CPPIB Capital’s Medium-Term Notes. The Series 17 Notes have a coupon rate of 0.875% payable annually in arrear, with regular coupon of GBP 8.75 per denomination except for a short first coupon of GBP 7.77 per denomination payable on December 17, 2020. The Series 17 Notes have a maturity date of December 17, 2024. 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 Morningstar). The Series 17 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:
All figures are in British pound sterling unless otherwise noted.

The principal methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers, 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 Morningstar 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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