Credit Ratings

Canadian Tire Corporation is rated by two independent credit rating agencies: DBRS Limited (“DBRS”) and S&P Global Ratings, acting through Standard and Poor’s Ratings Services LLC, and its successors (“S&P”), which provide credit ratings of debt securities for commercial entities. 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. Rating categories range from highest credit quality (generally “AAA”) to default in payment (generally “D”).

DBRS and S&P confirmed the Company’s credit ratings in Q3 2016. In Q3 2016, S&P confirmed CT REIT’s credit ratings, while DBRS confirmed CT REIT’s credit ratings in Q1 2016. During Q2 2016, at the request of the Company, Fitch Ratings, Inc. (“Fitch”) began rating GCCT’s commercial paper program.

Credit rating summary DBRS S&P Fitch

Canadian Tire
Issuer rating BBB (high) BBB+ -
Medium-term notes BBB (high) BBB+ -
Trend or outlook Stable Stable -

Glacier Credit Card Trust
Asset-backed commercial paper R-1 (high) (sf) ----- F1+ (sf)
Asset-backed senior notes AAA (sf) AAA (sf) -
Asset-backed subordinated notes A (sf) - Series 2015-1
A (high) (sf) - Series prior to 2015
A (sf) - Series 2015-1
A+ (sf) - Series prior to 2015

Issuer rating BBB (high) BBB+ -
Senior Unsecured Debentures BBB (high) BBB+ -
Trend or outlook Stable Stable -
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