DBRS Assigns A (low) Rating with Stable Trend to CN Debt Issuance

DBRS has today assigned a rating of A (low) with a Stable trend to Canadian National Railway Company’s (CN or the Company) issuance of USD 600 million notes (the Notes), which were issued in two tranches. The two tranches – USD 350 million Floating Rate Notes due on November 6, 2015, and USD 250 million 4.50% notes due on November 7, 2043 – will rank pari passu with all other senior unsecured indebtedness of the Company. The Notes are expected to settle on November 7, 2013, and were issued under the Company’s $2.5 billion shelf prospectus, which became effective on November 4, 2011, and pursuant to an indenture dated as of June 1, 1998.

The Company intends to use the funds from issuance towards general corporate purposes, including reduction of outstanding indebtedness.

The Notes will be direct, unsecured and unsubordinated obligations of CN and rank pari passu with all other unsecured and unsubordinated indebtedness of the Company.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodology is Rating Companies in the Railway Industry, which can be found on our website under Methodologies.