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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

 CREDIT RATINGS DBRS Morningstar1S&P1
Moody's
 U.S. Commercial paper - A-2P-2
 Issuer rating [action]BBB (high) [UR-Neg.]
BBB
-
 Medium-term notes rating [action]BBB (high) [UR-Neg.]
BBB
-
 Trend or OutlookStable
Negative-
 Last confirmedQ2 2019
Q1 2020
Q2 2019

CT REIT

LONG-TERM RATINGS DBRS Morningstar1 S&P1
Issuer rating [action] BBB (High) [UR-Neg.] BBB
Senior unsecured debentures rating [action] BBB (High) [UR-Neg.] BBB
Trend or Outlook Stable Negative
Last confirmed Q1 2019 Q1 2020

1Due to the 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 the CTC and CT REIT's Issuer Credit Rating and Senior Unsecured Debt Rating from BBB+ to BBB with a Negative Outlook and on April 7, 2020, DBRS Morningstar placed CTC and CT REIT's issuer credit ratings and Medium-Term Notes credit ratings “under review with negative implications”.

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