OMERS Administration Corporation and OMERS Finance Trust: Rating Report

DBRS Limited (DBRS Morningstar) confirmed the AAA Issuer Rating of OMERS Administration Corporation (OMERS or the Fund). DBRS Morningstar also confirmed the R-1 (high) ratings on the Canadian Commercial Paper (Canadian CP) and U.S. Commercial Paper (U.S. CP; collectively, with the Canadian CP, the CP) of OMERS Finance Trust (OFT), as well as the AAA rating on OFT’s Medium-Term Notes (MTNs). The trend on all ratings is Stable. DBRS Morningstar notes that the ratings on the CP and MTNs are predicated on the unconditional and irrevocable guarantees provided by OMERS on issuances. Despite the funding deficit in the OMERS Primary Pension Plan (the Plan), the ratings continue to be supported by the Fund’s high level of assets, low-recourse debt burden, large base of financially sound employers, and healthy demographic profile.