DBRS Morningstar Assigns AAA Rating to CPPIB Capital Inc.’s GBP 750 Million Series 23 Notes

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the GBP 750 million Series 23 Notes (the Series 23 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 23 Notes have a coupon rate of 1.125% payable annually in arrear, short first coupon to be paid on December 14, 2020, and a maturity date of December 14, 2029. 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 23 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.

The rating includes additional analysis on the expected performance as a result of the global efforts to contain the spread of the Coronavirus Disease (COVID-19). For details on the impact of the coronavirus-related economic fallout on DBRS Morningstar-rated Canadian public pension funds, please see the commentary published on April 17, 2020, which is available at https://www.dbrsmorningstar.com/research/359714.

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 British pound sterling 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.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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