DBRS Morningstar Assigns AAA Rating to CPPIB Capital Inc.’s EUR 1.0 billion Series 31 Notes

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the EUR 1.0 billion Series 31 Notes (the Series 31 Notes) issued by CPPIB Capital Inc. (CPPIB Capital). DBRS Morningstar based the assigned rating on its existing rating on CPPIB Capital’s Medium-Term Notes. The Series 31 Notes have a coupon rate of 0.050% payable annually with a maturity date of February 24, 2031. CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPP Investments; rated AAA with a Stable trend by DBRS Morningstar). The Series 31 Notes are unconditionally and irrevocably guaranteed by CPP Investments and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CPPIB Capital.

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) pandemic. The DBRS Morningstar sovereigns group initially published its outlook on the coronavirus’ impact on key economic indicators for the 2020–22 time frame in April 2020. DBRS Morningstar last updated the macroeconomic scenarios on January 28, 2021, in its “Global Macroeconomic Scenarios: January 2021 Update” at https://www.dbrsmorningstar.com/research/372843. DBRS Morningstar considers impacts consistent with the moderate scenario in the referenced commentary in its analysis.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at: https://www.dbrsmorningstar.com/research/373262.

Notes:
All figures are in euros unless otherwise noted.

The principal methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (April 27, 2020) and North American Structured Finance Flow-Through Ratings (January 4, 2021), 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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