DBRS Assigns Rating of R-1 (low), Stable, to Brookfield Asset Management’s USD CP Program

DBRS Limited (DBRS) has assigned a rating of R-1 (low) with a Stable trend to a proposed Brookfield Asset Management Inc. (BAM or the Company) U.S. Commercial Paper (CP) program. The new CP program will be issued by Brookfield U.S. Holdings Inc. and irrevocably and unconditionally guaranteed by the Company. DBRS expects that the proceeds from the sale of short-term notes issued under the new U.S. CP program and the existing Canadian CP program (issued by BAM) will be used for general corporate purposes and that the maximum aggregate principal amount of CP outstanding at any one time shall not exceed $1.965 billion.

DBRS notes that the program meets the “DBRS Criteria: Commercial Paper Liquidity Support Criteria for Corporate Non-Bank Issuers” and “DBRS Criteria: Guarantees and Other Forms of Explicit Support.” BAM’s Issuer Rating and Senior Notes and Debentures ratings are A (low) with Stable trends.

CP issued under the program will constitute direct, unconditional, unsecured and unsubordinated obligations of BAM and will rank pari passu with all other unsecured and unsubordinated obligations of the Company.

Notes:
All figures are in U.S. dollars unless otherwise noted.

The applicable methodology is Rating Holding Companies and Their Subsidiaries (January 2014), which can be found on our website under Methodologies.

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