DBRS Finalizes Provisional Rating on CDP Financial Inc.’s USD Senior Notes Due 2024 at AAA, Stable

DBRS has today finalized its provisional rating of AAA on CDP Financial Inc.’s USD 2 billion 3.15% Senior Notes due on July 24, 2024 (the Notes). The trend is Stable.

After reviewing the final documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on July 21, 2014.

The Notes are unconditionally and irrevocably guaranteed by the Caisse de dépôt et placement du Québec and rank pari passu with all other unsecured and unsubordinated indebtedness of CDP Financial Inc.

The net proceeds from the issuance will be used to repay CDP Financial Inc.’s 3.00% Senior Notes due 2014.

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

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

The applicable methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (May 2014) and DBRS Criteria: Guarantees and Other Forms of Explicit Support (July 2013), which can be found on our website under Methodologies.

This rating is endorsed by DBRS Ratings Limited for use in the European Union.