DBRS Morningstar Assigns AAA Rating to OMERS Finance Trust's USD 1 Billion 1.100% Senior Notes Due March 26, 2026

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the USD 1 billion 1.100% Senior Notes due March 26, 2026 (the Senior Notes), issued by OMERS Finance Trust (OFT). The assigned rating is based on DBRS Morningstar’s existing rating of OFT’s Medium-Term Notes. The Senior Notes have a coupon rate of 1.100% and a maturity date of March 26, 2026. OFT is the principal financing vehicle of OMERS Administration Corporation (OMERS; rated AAA with a Stable trend by DBRS Morningstar). The Senior Notes are unconditionally and irrevocably guaranteed by OMERS and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of OMERS.

DBRS Morningstar initially published its outlook on the Coronavirus Disease (COVID-19) pandemic’s impact on key economic indicators for the 2020–22 time frame in April 2020. DBRS Morningstar last updated the macroeconomic scenarios on March 17, 2021, in its “Global Macroeconomic Scenarios: March 2021 Update” at https://www.dbrsmorningstar.com/research/375376. For the rated Notes, DBRS Morningstar considered 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 U.S. dollars 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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