Fixed Income Quarterly—Canadian Fixed Income Issuers
Page 1
Canadian Fixed Income Issuers
DBRS
S&P
Moody's
Rating Outlook
Rating Outlook
Rating Outlook
Issuer Industry
407 East Development Group General Partnership1 INFRA 407 International Inc.1 INFRA
AL Negative
A- Stable
nr
A Stable
A Stable
nr
Aeroports de Montreal1 INFRA
AH Stable
nr
A1 Stable
Algonquin Power Co. UTIL - Gas/Elec
BBBL Stable
BBB Stable
nr
Alliance Pipeline Limited Partnership1 PIPE
AL Stable
BBB+ Stable
A3 Stable
AltaGas Ltd. UTIL - Gas/Elec
BBB Stable
BBB Stable
nr
AltaLink Investments, L.P. UTIL - Gas/Elec
BBB Stable
BBB- Stable
nr
AltaLink, L.P.1 UTIL - Gas/Elec
A Stable
A- Stable
nr
American Express Canada Credit Corp. FIN
AH Stable
A- Stable
A2 Stable
BAC Canada Finance Company BANK
AL Stable
A- Negative
Baa2 Stable
Bank of Montreal BANK
AA Stable
A+ Stable
Aa3 Stable
Bank of Nova Scotia BANK
AA Stable
A+ Stable
Aa2 Stable
Bell Aliant Regional Communications Limited Partnership TEL
BBB Stable
BBB Stable
nr
Bell Canada TEL
AL Stable
BBB+ Stable
Baa1 Stable
BMO Capital Trust BANK
AL Stable
BBB
Baa2 Stable
BMW Canada Inc. AUTO
A Stable
A+ Stable
A2 Stable
BNS Capital Trust (Scotiabank Capital Trust) BANK
AL Stable
BBB+
Baa1 Stable
British Columbia Ferry Services Inc.1 INFRA
A Stable
AA- Stable
nr
Brookfield Corporation (BAM) REAL ESTATE
AL Negative
A- Stable
Baa2 Stable
Brookfield Office Properties REAL ESTATE
BBB Stable
BB+ CW-Developing
nr
Brookfield Renewable Energy Partners LP UTIL - Gas/Elec
BBBH Stable
BBB Positive
nr
Caisse Centrale Desjardins BANK
AA Stable
A+ Stable
Aa2 Stable
Calloway Real Estate Investment Trust REAL ESTATE
BBB Stable
nr
nr
Canada Life Assurance Co.2 INS
AAL Stable
AA-
A2 Stable
Canada Life Capital Trust INS
AH Stable
A+
nr
Canadian Imperial Bank of Commerce BANK
AA Stable
A+ Stable
Aa3 Stable
Canadian Natural Resources Ltd. O&G
BBBH UR-Developing
BBB+ Stable
Baa1 Stable
Canadian Pacific Railway Company INFRA
BBBL Positive
BBB- CW-Positive
Baa3 UR-Positive
Canadian Tire Corp., Limited RETAIL
BBBH Stable
BBB+ Stable
nr
Canadian Utilities Ltd. UTIL - Gas/Elec
A Stable
A Stable
nr
Canadian Western Bank BANK
AL Stable
nr
nr
Capital Desjardins Inc. BANK
AAL Stable
A Stable
A2 Stable
Capital Power L.P. UTIL - Gas/Elec
BBB Stable
BBB- Stable
nr
Caterpillar Financial Services Ltd. FIN
A Stable
A Stable
A2 Stable
Choice Properties REIT REAL ESTATE
BBB Stable
BBB Stable
nr
CI Financial Corp. FIN
AL Stable
BBB+ Stable
nr
CIBC Capital Trust BANK
AL Stable
BBB
Baa2 Stable
Citigroup Finance Canada BANK
AL Stable
A- Negative
Baa2 Stable
Cogeco Cable Inc.1 CABLE
BBBL Stable
BBB Stable
nr
Cominar REIT REAL ESTATE
BBBL Stable
nr
nr
CU Inc. UTIL - Gas/Elec
AH Stable
A Stable
nr
Edmonton Regional Airports Authority1 INFRA
AH Stable
A Positive
A1 Stable
Emera Inc. UTIL - Gas/Elec
BBBH UR-Developing
BBB+ Negative
nr
Enbridge Gas Distribution Inc. UTIL - Gas/Elec
A Stable
A- Stable
nr
Enbridge Inc. PIPE
AL Stable
A- Stable
Baa1 Stable
Enbridge Income Fund PIPE
BBBH Stable
nr
Baa2 Stable
Enbridge Pipelines Inc. PIPE
A Stable
A- Stable
nr
Encana Corporation O&G
BBB Stable
BBB Negative
Baa2 Stable
Enersource Corp. UTIL - Gas/Elec
A Stable
A Stable
nr
ENMAX UTIL - Gas/Elec
AL Stable
BBB+ Stable
nr
EPCOR Utilities Inc. UTIL - Gas/Elec
AL Stable
BBB+ Positive
nr
Fairfax Financial Holdings FIN
BBB Stable
BBB- Stable
Baa3 Stable
Finning International Inc. IND
AL Stable
BBB+ Stable
nr
First Capital Realty Inc. REAL ESTATE
BBBH Stable
nr
Baa2 Stable
Fortis Inc. UTIL - Gas/Elec
AL UR-Developing
A- Negative
nr
FortisAlberta Inc. UTIL - Gas/Elec
AL Positive
A- Negative
Baa1 Stable
FortisBC Energy Inc. UTIL - Gas/Elec
A Stable
nr
A3 Negative
FortisBC Holdings Inc. UTIL - Gas/Elec
BBBH Stable
nr
Baa2 Negative
FortisBC Inc. UTIL - Gas/Elec
AL Stable
nr
Baa1 Negative
Gaz Metro Inc.1 UTIL - Gas/Elec
A Stable
A+ Stable
nr
GE Capital Canada Funding Company FIN
nr
AA+ Stable
A1 Stable
George Weston Ltd. RETAIL
BBB Stable
BBB Stable
nr
Granite REIT REAL ESTATE
BBB Stable
nr
Baa3 Positive
Greater Toronto Airports Authority (GTAA)1 INFRA
A Stable
A Stable
A1 Stable
Great-West Lifeco Inc. INS
AAL Stable
A+ Stable
nr
H&R REIT REAL ESTATE
BBB Stable
nr
nr
Honda Canada Finance Inc. AUTO
AH Stable
A+ Stable
A1 Stable
HSBC Bank Canada BANK
AAL Stable
AA- Negative
nr
Husky Energy Inc. O&G
AL Stable
BBB+ Stable
Baa2 Stable
Hydro One Inc. UTIL - Gas/Elec
AH Stable
A+ Negative
A1 Stable
As at March 31, 2014
Notes: * Ratings are those of senior unsecured obligations or long-term corporate family rating
1 Ratings are those of senior secured debt
2 Ratings are those of subordinated debt
Industry: ABS: Asset-Backed Security, AUTO: Auto, BANK: Bank, CABLE: Cable, FIN: Financial Services & Other Financials, IND: Industrial Products, INFRA: Infrastructure, INS: Insurance,
M&M: Metals and Mining, O&G: Oil and Gas, OTHER: Other, PIPE: Pipeline, PFA: Pension Fund Agency, PP: Printing and Publishing, REAL ESTATE: Real Estate, RETAIL: Retailer, TEL: Telecom, UTIL: Gas/Elec: Gas and Electric Utility