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

DBRS Morningstar1
Issuer rating
Medium-term notes BBBStableBBB---
U.S. commercial paper--A-2-P-2Stable
Last confirmed
Q2 2020Q1 2021Q2 2020



Issuer ratingBBB  StableBBB Stable
Senior unsecured debentures rating BBB  StableBBB -
Last confirmed
Q2 2020
Q1 2021

1Citing uncertainty in the duration and extent of the COVID-19 pandemic and the impact it may have on the retail industry, 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 and on June 5, 2020, DBRS Morningstar downgraded CTC and CT REIT's ratings from BBB (high) to BBB with a Stable Trend. On February 26, 2021, S&P revised the Outlook on its BBB rating for CTC and CT REIT from 'Negative' to 'Stable'. 

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