S&P rates Canadian Pacific notes BBB+

S&P said it assigned its BBB+ issue-level rating to Canadian Pacific Railway Co.'s planned $8.5 billion of senior unsecured notes.

“We rate the company's unsecured notes BBB+, the same as the issuer credit rating on CP, because no significant elements of subordination risk are present in the capital structure,” S&P said in a press release. CP will sell two tranches denominated in Canadian dollars and five tranches denominated in U.S. dollars.

The proceeds will be used to fund the CP-Kansas City South merger.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.