Press Release

DBRS Morningstar Assigns Rating of BBB (high) with a Stable Trend to Saputo Inc.’s New Debt Issuance

June 23, 2021

DBRS Limited (DBRS Morningstar) assigned a rating of BBB (high) with a Stable trend to Saputo Inc.’s (Saputo or the Company; rated BBB (high) with a Stable trend by DBRS Morningstar) $300 million 2.297% Series 9 Medium Term Notes (the Notes) due June 22, 2028, which closed on June 22, 2021. The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the above-mentioned debt instrument.

Saputo will use the proceeds to repay the $300 million 2.196% Series 2 Medium Term Notes that mature on June 23, 2021. The Notes will rank equally and pari passu with each other, with the notes of every other series, and with all existing and future unsecured and unsubordinated indebtedness of the Company.

Saputo’s current ratings continue to be supported by its leading market position, diversification of operations by distribution channel and geography, and strong free cash flow generation. The ratings also continue to reflect the Company’s exposure to volatile commodity prices, the highly competitive industry, and the risks associated with the mature markets in which Saputo operates, all of which are regulated.

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

All figures are in Canadian dollars unless otherwise noted.

The principal methodologies are Rating Companies in the Consumer Products Industry (July 30, 2020; and DBRS Morningstar Criteria: Guarantees and Other Forms of Support (May 31, 2021;, which can be found on under Methodologies & Criteria. Other applicable methodologies include the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings (February 3, 2021;

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release:

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.

Generally, the conditions that lead to the assignment of a Negative or Positive trend are resolved within a 12-month period. DBRS Morningstar trends and ratings are under regular surveillance.

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

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