Credit Rating Report

Canada Pension Plan Investment Board & CPPIB Capital Inc.: Rating Report

Pension Funds

Summary

DBRS Limited (DBRS Morningstar) confirmed the Issuer Rating of Canada Pension Plan Investment Board (CPP Investments or the Fund) at AAA. CPP Investments is the federal nonagent Crown corporation responsible for managing the assets of the Canada Pension Plan (CPP or the Plan). DBRS Morningstar also confirmed CPPIB Capital Inc.’s Canadian Short-Term Promissory Notes, U.S. Commercial Paper Notes, and Euro Commercial Paper Notes programs at R-1 (high) and CPPIB Capital Inc.’s Medium-Term Notes at AAA. All trends remain Stable.

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