DBRS Morningstar Finalizes Provisional Rating of AAA on Ontario Teachers' Finance Trust’s EUR 0.500% Senior Notes Due 2025

DBRS Limited (DBRS Morningstar) finalized its provisional rating of AAA with a Stable trend on the EUR 1.5 billion 0.500% Senior Notes due 2025 (the Senior Notes) issued by Ontario Teachers’ Finance Trust (OTFT). The rating being assigned is based upon the existing rating assigned to OTFT Long-Term Notes.

The Senior Notes have a coupon rate of 0.500% and a maturity date of May 6, 2025. OTFT is a wholly owned financing subsidiary of Ontario Teachers’ Pension Plan Board (OTPP). OTPP unconditionally and irrevocably guarantees the Senior Notes, which rank pari passu with all other present and future unsecured and unsubordinated obligations of OTFT.

The rating includes additional analysis on the expected performance as a result of the global efforts to contain the spread of the Coronavirus Disease (COVID-19). For details on the impact of the coronavirus-related economic fallout on DBRS Morningstar-rated Canadian public pension funds, please see the commentary published on April 17, 2020, available at https://www.dbrsmorningstar.com/research/359714.

ESG CONSIDERATIONS
A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
The principal methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (April 27, 2020), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at [email protected].

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