Canadian Tire

Credit Ratings

Credit Ratings

A credit rating generally provides an indication of the risk that the borrower will not fulfill its full obligations in a timely manner with respect to both interest and principal commitments. Due to the establishment of a U.S. commercial paper program in 2019, Canadian Tire Corporation, Limited obtained a short-term rating from S&P Global Ratings (“S&P”) and Moody’s Investors Service (“Moody’s"). Long-term ratings are provided by DBRS Limited (“DBRS Morningstar”) and S&P. Ratings for long-term debt instruments range from highest credit quality (generally “AAA”) to default in payment (generally “D”). Ratings for short-term debt instruments range from A-1+ (S&P), P-1 (Moody’s), or F1+ (Fitch), representing the highest credit quality to C (S&P and Fitch), and not prime (Moody’s) for the lowest quality of securities rated.

Canadian Tire Corporation

 U.S. Commercial paper - A-2P-2
 Issuer ratingBBB
 Medium-term notes ratingBBB
 Trend or OutlookStable
 Last confirmedQ2 2020
Q1 2020
Q2 2020


Issuer rating BBB  BBB
Senior unsecured debentures rating BBB  BBB
Trend or Outlook Stable Negative
Last confirmed Q2 2020 Q1 2020
1Citing uncertainty in the duration and extent of the COVID-19 pandemic and the impact it may have on the retail industry, including the macroeconomic weakness in the medium term, on March 31, 2020, Standard & Poor’s (S&P) downgraded CTC and CT REIT's Issuer Credit Ratings and Senior Unsecured Debt Ratings from BBB+ to BBB with a Negative Outlook. On June 5, 2020, DBRS Morningstar downgraded CTC and CT REIT's long-term ratings from BBB (high) to BBB with a Stable Trend.

Glacier Credit Card Trust

Glacier is a special purpose entity whose sole purpose is to purchase undivided co-ownership interests in a revolving pool of credit card receivables owing under selected Canadian Tire-branded Mastercard credit card accounts and Canadian Tire credit card accounts and to provide income to the beneficiary of the trust

Outstanding Series of Notes