Press Release

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

Consumers
July 04, 2025

DBRS Limited (Morningstar DBRS) 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) $400 million, 3.879% Senior Unsecured Notes (the Notes) due July 2, 2030.

The proceeds from this Notes issuance will be used to repay Saputo's $350 million Series 5 Notes due August 14, 2025, repay outstanding indebtedness, and for general corporate purposes. The Notes will be unsecured, and rank pari passu with all other existing and future unsecured and unsubordinated indebtedness of the Company.

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. Please refer to https://dbrs.morningstar.com/research/456050/morningstar-dbrs-upgrades-credit-ratings-on-saputo-inc-to-bbb-high-from-bbb-changes-trends-to-stable-from-positive for more information, including all relevant disclosures.

The rating listed above is based on the Twelfth Supplemental Trust Indenture dated July 2, 2025, and information provided by Saputo to Morningstar DBRS as of July 3, 2025.

Continuation of the credit rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted credit rating.

Information regarding Morningstar DBRS credit ratings, including definitions, policies, and methodologies, is available on dbrs.morningstar.com or contact us at info-DBRS@morningstar.com.

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