DBRS Morningstar Assigns Rating of AAA to PSP Capital Inc.’s 1.000% Senior Notes due 2026

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the 1.000% Senior Notes due 2026 (the Notes) issued by PSP Capital Inc. (PSP Capital). The rating assigned is based upon the existing rating assigned to PSP Capital’s Medium-Term Notes. The USD 1.0 billion Notes have a coupon rate of 1.000% and a maturity date of June 29, 2026. PSP Capital is a wholly owned subsidiary and the principal financing vehicle of the Public Sector Pension Investment Board (PSPIB). The Notes are unconditionally and irrevocably guaranteed by the PSPIB and rank pari passu with all other present and future unsecured and unsubordinated obligations of PSP Capital.

The rating includes additional analysis on the expected performance as a result of the global efforts to contain the spread of the Coronavirus Disease (COVID-19). The DBRS Morningstar sovereigns group initially published its outlook on the pandemic’s impact on key economic indicators for the 2020–22 time frame on April 16, 2020. DBRS Morningstar last updated the macroeconomic scenarios on June 18, 2021, in its “Global Macroeconomic Scenarios – June 2021 Update.” For details, see at https://www.dbrsmorningstar.com/research/380281.

A description of how DBRS Morningstar considers ESG factors within the DBRS Morningstar analytical framework can be found in the DBRS Morningstar Criteria: Approach to Environmental, Social, and Governance Risk Factors in Credit Ratings at https://www.dbrsmorningstar.com/research/373262.

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

The principal methodologies are Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (April 30, 2021) and North American Structured Finance Flow-Through Ratings (January 4, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

For more information regarding rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/357883.

For more information regarding structured finance rating methodologies and Coronavirus Disease (COVID-19), please see the following DBRS Morningstar press release: https://www.dbrsmorningstar.com/research/358308.

For more information on this credit or on this industry, visit www.dbrsmorningstar.com or contact us at info@dbrsmorningstar.com.

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