Credit Ratings

Canadian Tire Corporation, Limited, Glacier Credit Card Trust (“GCCT”) and CT REIT are rated by two independent credit rating agencies: DBRS Limited (“DBRS”) and S&P Global Ratings (“S&P”), which provide credit ratings of debt securities for commercial entities. GCCT is also rated by Fitch Ratings, Inc. (“Fitch”). 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 confirmed the Company's credit rating in Q3 2017, while S&P confirmed the Company's credit rating in Q3 2016.  In Q4 2017, DBRS confirmed CT REIT’s credit ratings, while S&P confirmed CT REIT’s credit ratings in Q1 2016. In Q2 2017, Fitch confirmed the rating for GCCT's asset-backed 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
Public asset-backed commercial paper R-1 (high) (sf) ----- F1+ sf
Public asset-backed senior notes AAA (sf) AAA (sf) -
Public asset-backed subordinated notes A (sf) - Series 2015-1 & 2017-1
A (high) (sf) - Series prior to 2015
A (sf) - Series 2015-1 & 2017-1
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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