DBRS Morningstar Assigns AAA Rating to CDP Financial Inc.’s USD 1.0 Billion 1.000% Senior Notes Due 2026

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the USD 1.0 billion 1.000% Senior Notes due 2026 (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 1.000% and a maturity date of May 26, 2026. 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.

On March 17, 2021, the DBRS Morningstar Sovereigns group published its outlook on the impact of the Coronavirus Disease (COVID-19) pandemic on key economic indicators for the 2021–22 time frame. The initial outlook was published on April 16, 2020, and has been updated periodically since. For details, please see https://www.dbrsmorningstar.com/research/375377. For the assigned ratings, 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 30, 2021) 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.

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

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