Moody's gives Canadian Pacific notes Baa2

Moody's Investors Service said it assigned a Baa2 rating to Canadian Pacific Railway Co.'s seven new tranches of senior unsecured notes for total proceeds of about $8.5 billion. The tranches of notes are being issued in Canadian and U.S. dollars and have maturities that range from two to 30 years.

Canadian Pacific’s ratings are unchanged, including the Baa2 senior unsecured notes rating, the agency said.

The company will use the proceeds to indirectly finance the cash portion of the merger whereby the company and Kansas City Southern will combine in a stock and cash transaction.

The outlook remains stable.

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