DBRS Assigns Rating of A (low), Stable Trend, to Saputo Inc.’s Medium Term Notes

DBRS Limited (DBRS) has today assigned a rating of A (low) to Saputo Inc.’s (Saputo) $300 million Series 2 Medium Term Notes (the Notes) offering announced on June 20, 2016. The trend is Stable.

The senior unsecured debt issuance is expected to be made up of a single tranche of $300 million Series 2 Medium Term Notes maturing on June 23, 2021.

The Notes will be unsecured obligations ranking pari passu with Saputo’s existing and future senior indebtedness. Proceeds will be used for the repayment of indebtedness under Saputo’s credit facility and for general corporate purposes. DBRS notes that indebtedness under Saputo’s credit facility was previously incurred to repay maturing senior notes.

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

The applicable methodology is Rating Companies in the Consumer Products Industry (August 2015), which can be found on our website under Methodologies.