DBRS Morningstar Assigns AAA Rating to CPPIB Capital Inc.’s USD 1.0 Billion Series 15 Notes

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the USD 1.0 billion Series 15 Notes (the Series 15 Notes) issued by CPPIB Capital Inc. (CPPIB Capital). The rating being assigned is based upon the existing rating assigned to the Medium-Term Notes. The Notes have a coupon rate of 2.000% and a maturity date of November 1, 2029. CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPPIB; rated AAA with a Stable trend by DBRS Morningstar). The Series 15 Notes are unconditionally and irrevocably guaranteed by CPPIB and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CPPIB Capital.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The principal methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers, which can be found on dbrs.com under Methodologies & Criteria.

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.dbrs.com or contact us at info@dbrs.com.

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada