DBRS Morningstar Confirms AAA Rating on PSP Capital Inc.’s Floating Rate Notes due 2025 Post-Reopening

DBRS Limited (DBRS Morningstar) confirmed the rating of AAA with a Stable trend on the Floating Rate Notes due 2025 (the Notes) issued by PSP Capital Inc. (PSP Capital) following the reopening of the Notes. PSP Capital reopened the Notes by issuing an additional $400 million with the same coupon rate (compounded Secured Overnight Financing Rate Index + 24 basis points) and maturity date (March 3, 2025) as the initial issuance. The total amount of Notes outstanding after the reopening is $1.0 billion. The rating confirmation is based upon the existing rating assigned to PSP Capital’s Medium-Term Notes. 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.

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 U.S. 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/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