Page 2 Fixed Income Quarterly—Canadian Fixed Income Issuers
Canadian Fixed Income Issuers (continued)
DBRS
S&P
Moody's
Issuer Industry
Rating Outlook
Rating Outlook
Rating Outlook
IGM Financial (formerly Investors Group) FIN Industrial Alliance Insurance and Financial Services Inc.2 INS
AH Stable
A+ Stable
nr
A Stable
A Stable
nr
Intact Financial FIN
AL Stable
nr
Baa1 Stable
Inter Pipeline (Corridor) Inc. PIPE
A Stable
A Stable
A2 Stable
Inter Pipeline Ltd. PIPE
BBBH Stable
BBB+ Stable
nr
John Deere Canada Funding Inc. FIN
A Stable
A Stable
A2 Stable
Laurentian Bank of Canada BANK
BBBH Positive
BBB Stable
nr
Leisureworld Senior Care LP1 INFRA
A Stable
A- Negative
nr
Loblaw Companies Ltd. RETAIL
BBB Stable
BBB Stable
nr
Manitoba Telecom Services Inc. TEL
BBB Stable
BBB Stable
nr
Manufacturers Life Insurance Co.2 INS Manulife Bank Canada ** FIN
AH Stable
A+
nr
AH Stable
A+ Stable
nr
Manulife Financial Capital Trust INS
A Stable
A
nr
Manulife Financial Corporation INS
AH Stable
A Stable
nr
Maritimes & Northeast Pipeline L.P.1 PIPE
A Stable
A Stable
A2 Stable
METRO Inc. RETAIL
BBB Stable
BBB Stable
nr
Molson Coors Brewing Co. RETAIL
BBB Stable
BBB- Positive
Baa2 Stable
National Bank of Canada BANK
AAL Stable
A Stable
Aa3 Stable
NBC Asset Trust BANK
BBBH Stable
BBB
Baa3 Stable
NAV CANADA1 INFRA
AA Stable
AA Stable
Aa2 Stable
Newfoundland Power Inc.1 UTIL - Gas/Elec
A Stable
nr
A2 Stable
Nexen Inc. O&G
AH Stable
AA- Stable
Aa3 Stable
NOVA Gas Transmission Ltd. PIPE
AL Stable
A- Stable
A3 Stable
Nova Scotia Power Inc. UTIL - Gas/Elec
AL Stable
BBB+ Negative
nr
Ontario Power Generation UTIL - Gas/Elec
AL Stable
A- Negative
nr
Ottawa Macdonald-Cartier International Airport Authority1 INFRA
AH Stable
A+ Stable
Aa3 Stable
Pembina Pipeline Corp. PIPE
BBB Stable
BBB Stable
nr
Power Financial Corporation FIN
AAL Stable
A+ Stable
nr
RBC Capital Trust BANK
AL Stable
A-
Baa2 Stable
RioCan REIT REAL ESTATE
BBBH Stable
BBB- Stable
nr
Rogers Communications Inc. CABLE
BBB Stable
BBB+ Stable
Baa1 Stable
Royal Bank of Canada BANK
AA Stable
AA- Stable
Aa3 Stable
Shaw Communications Inc. CABLE
BBB Stable
BBB- Positive
Baa3 Stable
Shoppers Drug Mart Corp.3 RETAIL
AL UR-Negative
BBB+ CW-Negative
nr
SNC-Lavalin Group Inc.4 INFRA
BBB Negative
BBB Negative
nr
Sobeys Inc. RETAIL
BBBL Stable
BBB- Negative
nr
Sun Life Assurance Company of Canada2 INS
AH Stable
A
A2 Stable
Sun Life Capital Trust INS
A Stable
A
A3 Stable
Sun Life Financial Inc. INS
AH Stable
A Stable
nr
Suncor Energy Inc. O&G
AL Stable
BBB+ Stable
Baa1 Stable
Talisman Energy Inc. O&G
BBBH Stable
BBB Negative
Baa2 Negative
TD Capital Trust BANK
AL Stable
A-
A3 Stable
TELUS Corporation TEL
AL Stable
BBB+ Stable
Baa1 Stable
Teranet Holdings LP1 INFRA
BBB Stable
BBB+ Negative
nr
Thomson Reuters Corporation PP
BBBH Stable
BBB+ Stable
Baa2 Stable
Tim Hortons Inc. RETAIL
BBB Stable
nr
nr
Toronto Hydro Corporation UTIL - Gas/Elec
AH Stable
A Stable
nr
Toronto-Dominion Bank BANK
AA Stable
AA- Stable
Aa1 Stable
Trans Quebec & Maritime Pipeline Inc. PIPE
AL Stable
BBB+ Stable
nr
TransAlta Corporation UTIL - Gas/Elec
BBB Stable
BBB- Stable
Baa3 Negative
TransCanada PipeLines Ltd. PIPE
AL Stable
A- Stable
A3 Stable
TransNorthern Pipe PIPE
AL Stable
nr
nr
University of Ontario Institute of Technology INFRA
BBBH Stable
nr
A2 Stable
Union Gas Ltd. UTIL - Gas/Elec
A Stable
BBB+ Stable
nr
Vancouver International Airport Authority INFRA
AAL Stable
AA Stable
nr
Veresen Inc. PIPE
BBBH Stable
BBB Stable
nr
Viking Rideau1 REAL ESTATE
AH UR-Developing
nr
nr
Wells Fargo Canada Corporation BANK
AA Stable
A+ Negative
A2 Stable
Westcoast Energy Inc. PIPE
AL Stable
BBB Stable
nr
Winnipeg Airports Authority Inc.1 INFRA
nr
A Stable
A2 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
3 Shoppers Drug Mart was downgraded by DBRS to BBB (Stable) on April 1, 2014 and by S&P to BBB (Stable) on April 3, 2014.
4 SNC Lavalin Group’s outlook was revised to Stable by S&P on April 1, 2014.
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