S&P Global Ratings affirmed Canada Pension Plan Investment Board's AAA long-term and A-1+ short-term credit ratings.

The outlook on CPPIB remains stable.

The rating agency said the AAA rating reflects CPPIB's stand-alone credit profile and S&P Global Ratings' opinion "of a moderately high likelihood that the Canadian government would provide extraordinary support in the event of financial distress."

The stable outlook reflects S&P's expectations that CPPIB will continue to realize good medium-term investment returns and that liquidity will remain more than adequate and leverage will remain well below 40% of total assets in the next two years.