DBRS Morningstar Assigns AAA Rating to CDP Financial Inc.’s USD 2.5 Billion 0.875% Senior Notes due 2025

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the USD 2.5 billion 0.875% Senior Notes due 2025 (the Notes) issued by CDP Financial Inc. (CDP Financial). The assigned rating is based upon the existing rating assigned to CDP Financial’s Long-Term Debt. The Notes have a coupon rate of 0.875% and a maturity date of June 10, 2025. CDP Financial is a wholly owned financing subsidiary of Caisse de dépôt et placement du Québec (La Caisse; rated AAA with a Stable trend by DBRS Morningstar). The Notes are unconditionally and irrevocably guaranteed by La Caisse and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CDP Financial.

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, which is available at https://www.dbrsmorningstar.com/research/359714.

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:
All figures are in U.S. dollars unless otherwise noted.

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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