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. 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 "D" (DBRS Morningstar), "C" (S&P and Fitch), and "not prime" (Moody’s) for the lowest quality of securities rated.

Canadian Tire Corporation

CREDIT RATINGS
DBRS Morningstar1
S&P1
Moody's 
 RatingTrendRatingOutlookRatingOutlook
Issuer rating
BBBStableBBBStable--
Medium-term notes BBBStableBBB---
U.S. commercial paper--A-2-P-2Stable
Last confirmed
Q2 2021Q1 2021Q2 2020

CT REIT

CREDIT RATINGS DBRS Morningstar1
S&P1

RatingTrendRatingOutlook 
Issuer ratingBBB  StableBBB Stable
Senior unsecured debentures rating BBB  StableBBB -
Last confirmed
Q2 2021
Q1 2021

1On February 26, 2021, S&P revised the Outlook on its BBB rating for CTC and CT REIT from 'Negative' to 'Stable' and on April 22, 2021 DBRS Morningstar confirmed the Issuer rating and Medium-Term Notes rating and trends.

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