DBRS Morningstar Assigns Rating of AAA to PSP Capital Inc.’s Floating Rate Notes due 2025

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the Floating Rate Notes due 2025 (Notes) issued by PSP Capital Inc. (PSP Capital). The assigned rating is based upon the existing rating on PSP Capital’s Medium-Term Notes. The $600 million Notes pay a floating interest rate and a have a maturity date of March 3, 2025. PSP Capital is a wholly owned subsidiary and the principal financing vehicle of the Public Sector Pension Investment Board (PSP Investments). The Notes are unconditionally and irrevocably guaranteed by PSP Investments and rank pari passu with all other present and future unsecured and unsubordinated obligations of PSP Capital.

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 methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (April 30, 2021), which can be found on dbrsmorningstar.com under Methodologies & Criteria.

The DBRS Morningstar Sovereign group releases baseline macroeconomic scenarios for rated sovereigns. DBRS Morningstar analysis considered impacts consistent with the baseline scenarios as set forth in the following report: https://www.dbrsmorningstar.com/research/384482/baseline-macroeconomic-scenarios-application-to-credit-ratings.

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

DBRS Limited
DBRS Tower, 181 University Avenue, Suite 700
Toronto, ON M5H 3M7 Canada
Tel. +1 416 593-5577