DBRS rates PSP notes AAA

DBRS said it assigned provisional AAA ratings with stable trends to the proposed series 6 floating-rate notes due April 4, 2016 and series 7 fixed-rate notes due April 4, 2024 being issued by PSP Capital Inc., the principal financing vehicle of the Public Sector Pension Investment Board. The combined principal amount of the issuances is C$700 million.

Proceeds will be used to repay maturing commercial paper.

Owing to its higher equities exposure, DBRS expects the board to deliver another solid investment return for fiscal 2014, though some weakness in key emerging market and fixed-income indexes could dampen results somewhat.

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