DBRS Morningstar Assigns AAA Rating to CDP Financial Inc.’s CAD 1.5 Billion 3.950% Senior Notes Due 2029

DBRS Limited (DBRS Morningstar) assigned a rating of AAA with a Stable trend to the CAD 1.5 billion 3.950% Senior Notes due 2029 (the Notes) issued by CDP Financial Inc. (CDP Financial). The assigned rating is based upon the existing rating assigned to CDP Financial’s Long-Term Debt. The Notes have a coupon rate of 3.950% and a maturity date of September 1, 2029. CDP Financial is a wholly owned financing subsidiary of Caisse de dépôt et placement du Québec (CDPQ; rated AAA with a Stable trend by DBRS Morningstar). The Notes are unconditionally and irrevocably guaranteed by CDPQ and rank pari passu with all other present and future unsecured and unsubordinated indebtedness of CDP Financial.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS
There were no Environmental/Social/Governance factors that had a significant or relevant effect on the credit analysis.

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/396929/dbrs-morningstar-criteria-approach-to-environmental-social-and-governance-risk-factors-in-credit-ratings (May 17, 2022).

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

The principal methodology is Rating Canadian Public Pension Funds & Related Exclusive Asset Managers (April 26, 2022), 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.

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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