DBRS Morningstar Finalizes Provisional Rating of AAA on Ontario Teachers’ Finance Trust’s USD 1.375% Senior Notes due 2025

DBRS Limited (DBRS Morningstar) finalized its provisional rating of AAA with a Stable trend on the USD 1 billion 1.375% Senior Notes due 2025 (the Senior Notes) issued by Ontario Teachers’ Finance Trust (OTFT). The rating being assigned is based upon the existing rating assigned to OTFT’s Long-Term Notes. The Senior Notes have a coupon rate of 1.375% and a maturity date of April 15, 2025. OTFT is a wholly owned financing subsidiary of Ontario Teachers’ Pension Plan Board (OTPP). The Senior Notes are unconditionally and irrevocably guaranteed by OTPP and rank pari passu with all other present and future unsecured and unsubordinated obligations of OTFT.

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 U.S. dollars 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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