DBRS Assigns Rating of “A,” Stable Trend, to John Deere Canada Funding Inc.’s New $300 Million Medium-Term Notes

DBRS Limited (DBRS) has today assigned a rating of “A” with a Stable trend to John Deere Canada Funding Inc.’s (JDCFI or the Company) new issue of 2.05% $300 million senior unsecured Medium-Term Notes (MTNs or the Notes) due on September 17, 2020. The Notes are expected to settle on or around September 17, 2015.

JDCFI’s rating is based on the rating of the ultimate parent, Deere & Company, since JDCFI’s debt is unconditionally guaranteed by John Deere Capital Corporation (JDCC), which DBRS also rates in line with Deere & Company on the basis of a support agreement and the implicit support of the ultimate parent.

The issuance of Notes is under the $3.5 billion Short-Form Prospectus dated August 26, 2014, and will be direct, unsecured obligations of JDCFI and will rank pari passu with all other unsubordinated indebtedness of JDCFI and JDCC. Net proceeds from the sale of the MTNs will be used for general corporate purposes of the Company.

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

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

John Deere Canada Funding Inc.’s MTNs are unconditionally guaranteed by John Deere Capital Corporation.

The applicable methodologies are Rating Companies in the Industrial Products Industry (June 2015), Global Methodology for Rating Finance Companies (October 2014), DBRS Criteria: Commercial Paper Liquidity Support for Non-Bank Issuers (April 2015) and DBRS Criteria: Guarantees and Other Forms of Explicit Support (February 2015), which can be found on our website under Methodologies.

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