Moody's lowers Canadian Pacific

Moody's Investors Service said it downgraded Canadian Pacific Railway Co.'s senior secured pass-through securities to Baa1 from A3, its senior unsecured medium-term note program to Baa3 from Baa2 and senior unsecured regular debenture to Baa3 from Baa2.

The outlook is stable.

The downgrades reflect the issuer's debt-financed acquisition of the Dakota, Minnesota & Eastern Railroad Corp., announced in August, for $1.48 billion. This concludes the ratings review that began on Sept. 5.

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