Canadian Tire Corporation, Limited, Glacier Credit Card Trust (“GCCT”) and CT REIT are rated by two independent credit rating agencies: DBRS Limited (“DBRS”) and S&P Global Ratings (“S&P”), which provide credit ratings of debt securities for commercial entities. GCCT is also rated by Fitch Ratings, Inc. (“Fitch”). 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. Rating categories range from highest credit quality (generally “AAA”) to default in payment (generally “D”).

DBRS confirmed the Company's credit rating in Q3 2017, while S&P confirmed the Company's credit rating in Q4 2017. In Q4 2017, both DBRS and S&P confirmed CT REIT’s credit ratings. In Q2 2017, Fitch confirmed the rating for GCCT's asset-backed commercial paper notes, while in Q3 2017, DBRS confirmed its ratings on all of GCCT’s asset-backed commercial paper and senior and subordinate notes.

Credit rating summary DBRS S&P Fitch
Canadian Tire
Issuer rating BBB (high) BBB+ -
Medium-term notes BBB (high) BBB+ -
Trend or outlook Stable Stable -
Glacier Credit Card Trust
Asset-backed commercial paper R-1 (high) (sf) ----- F1+ sf
Asset-backed senior notes AAA (sf) AAA (sf) -
Asset-backed subordinated notes A (sf) - Series 2015-1 & 2017-1
A (high) (sf) - Series prior to 2015
A (sf) - Series 2015-1 & 2017-1
A+ (sf) - Series prior to 2015
Issuer rating BBB (high) BBB+ -
Senior Unsecured Debentures BBB (high) BBB+ -
Trend or outlook Stable Stable -