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S&P affirms 2 Canadian pension fund companies

S&P Global Ratings affirmed the AAA long-term and A-1+ short-term issuer credit ratings on Canada Pension Plan Investment Board and the AAA long-term issuer credit rating on Caisse de dépôt et placement du Québec.

The outlook is stable.

Canada Pension Plan's AAA rating reflects its stand-alone credit profile, which S&P Global Ratings assesses at "aaa." The rating also takes into account the rating agency's 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 expectation that the company will continue to realize good medium-term investment returns, liquidity will remain more than adequate, and leverage will remain low in the next two years.

The rating on Caisse de dépôt factors in S&P's view of the fund's operational independence from the province of Quebec, comprehensive risk management policies and high operational effectiveness, among other things. The rating agency assesses the company's stand-alone credit profile at "aaa." The stable outlook reflects the rating agency's expectation that in the next two years, the company's financial leverage will continue to be low and manageable, and its risk management practices will remain sound.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global Ratings. Descriptions in this news article were not prepared by S&P Global Ratings.