DBRS Morningstar Confirms AAA Rating on PSP Capital’s Series 12 Medium-Term Notes Post-Reopening

DBRS Limited (DBRS Morningstar) confirmed the rating of AAA with a Stable trend on the Series 12 Medium-Term Notes (the Notes) issued by PSP Capital Inc. (PSP Capital) following the reopening of the Notes. PSP Capital reopened the Notes by issuing an additional $500 million with the same coupon rate (2.05%) and maturity date (January 15, 2030) as the initial issuance. The total amount of Notes outstanding after the reopening is $1.25 billion. PSP Capital is a wholly owned subsidiary and the principal financing vehicle of the Public Sector Pension Investment Board (PSPIB; rated AAA with a Stable trend by DBRS Morningstar). The Notes are unconditionally and irrevocably guaranteed by PSPIB and rank pari passu with all other present and future unsecured and unsubordinated obligations of PSP Capital.

Notes:
All figures are in Canadian 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.

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