DBRS Morningstar Assigns AAA Rating to CPPIB Capital Inc.’s EUR 1.0 Billion Series 19 Notes

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the EUR 1.0 billion Series 19 Notes (the Series 19 Notes) issued by CPPIB Capital Inc. (CPPIB Capital). The rating being assigned is based upon the existing rating assigned to CPPIB Capital’s Medium-Term Notes. The Series 19 Notes have a coupon rate of 0.250% and a maturity date of April 6, 2027. CPPIB Capital is a wholly owned subsidiary and principal funding vehicle of Canada Pension Plan Investment Board (CPP Investments; rated AAA with a Stable trend by DBRS Morningstar). The Series 19 Notes are unconditionally and irrevocably guaranteed by CPP Investments and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CPPIB Capital.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework and its methodologies can be found at: https://www.dbrsmorningstar.com/research/357792.

Notes:
All figures are in euros unless otherwise noted.

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

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

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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