Moody's rates PSP Capital notes Aaa

Moody's Investors Service said it assigned an Aaa rating to PSP Capital Inc.'s new C$500 million series 5 senior notes due 2020 to be issued by way of private placement.

PSP Capital will use net proceeds of the current offering and existing cash resources to repay a C$1 billion bond maturing in December 2013.

Moody's also assigned initial ratings of Aaa to the series 2, series 3 and series 4 senior notes previously issued by PSP Capital.

All notes are unconditionally and irrevocably guaranteed by the Public Sector Pension Investment Board.

The outlook for is stable.

Moody's said PSP Capital's Aaa rating reflects the unconditional and irrevocable guarantee of its debt obligations by the board, which was established in 1999 to manage assets for the pension plans of the Canadian federal Public Service, the Canadian Forces, and the Royal Canadian Mounted Police in respect of service since April 2000, as well as the Canadian Reserve Force for service since March 2007.

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