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Credit Ratings

Credit Rating Summary

Canadian Tire Corporation, Limited, Glacier Credit Card Trust (“Glacier”) and CT REIT are rated by two independent credit rating agencies: DBRS Limited (“DBRS”) and S&P Global Ratings (“S&P”). Glacier is also rated by Fitch Ratings, Inc. (“Fitch”). Rating Agencies provide credit ratings of debt securities for commercial entities. Credit ratings are intended to provide investors with an independent assessment of the credit quality of an issue or issuer of securities and do not speak to the suitability of any particular securities for any particular investor. Rating categories range from highest credit quality (generally “AAA”) to default in payment (generally “D”).

Canadian Tire Corporation


 DBRS S&P
Issuer rating BBB (High) BBB+
Medium-term notes BBB (High) BBB+
Trend or Outlook Stable Stable
Last confirmation Q1 2019 Q1 2019

CT REIT


 DBRS S&P
Issuer rating BBB (High) BBB+
Senior Unsecured Debentures BBB (High) BBB+
Trend or Outlook Stable Stable
Last confirmation Q1 2019 Q1 2019

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