Moody's Ratings in Canada — Unlocking opportunities

Moody's RATINGS in Canada Coverage Publications Past events Explore

Moody's Ratings affirms British Columbia Investment Management Corporation's Aaa issuer rating; outlook remains stable

Moody's Ratings takes action on five sub-sovereign issuers in the Province of British Columbia

Moody's Ratings assigns B2 and Caa1 ratings to MLN US HoldCo's (Mitel) DIP Facility

Moody's Ratings says Rogers' ratings and outlook are unaffected by the structured asset sale but the ratings remain weakly positioned

Moody's Ratings upgrades Fengate Infrastructure WPHC Gen Partnership's rating to A2 from A3; changes outlook to stable from positive

Moody's Ratings downgrades British Columbia Hydro & Power Authority to Aa1; outlook remains negative

Moody's Ratings assigns provisional (P)Aa1 to Equitable Bank Global Legislative Covered Bonds Programme

Moody's Ratings downgrades the Province of British Columbia's rating to Aa1, maintains negative outlook

Moody's Ratings assigns Prime-1 (sf) rating to Temperance Street Funding Trust

Moody's Ratings: No adverse rating impact on the ABCP issued by Clarity and Fusion following the addition of residential mortgages to an existing facility

Moody's Ratings assigns provisional ratings to five CMBS classes of BX Pure Industrial Issuer Trust Canada

Moody's Ratings revises Kinross' outlook to positive from stable; affirms Baa3 rating

Moody's Ratings: No adverse rating impact on the ABCP issued by SAFE, SOUND, SURE, Lakeshore, Plaza, Pure Grove and Storm King following the amendment of an equipment finance securitization

Moody's Ratings affirms CNRL's Baa1 ratings; stable outlook

Moody's Ratings upgrades Cenovus to Baa1; stable outlook

Moody's Ratings: No adverse rating impact on Meridian OneCap Limited Partnership, Series 2016-1 Class A notes following amendments

Moody's Ratings affirms Fédération des caisses Desjardins du Québec's junior senior unsecured debt and deposit ratings; outlook remains stable

Moody's Ratings affirms Electric Transmission Texas' Baa2 Issuer rating; outlook stable

Moody's Ratings assigns B1 CFR, and B1 senior secured ratings to ABC Technologies; outlook stable

Moody's Ratings assigns provisional ratings to Cards II Trust, Series 2025-1 notes

Moody's Ratings: No adverse rating impact on the ABCP issued by SAFE and SOUND following a pool addition to an existing residential mortgage facility

Moody's Ratings assigns first-time Aa3 rating to Trent University, outlook stable

Moody's Ratings affirms NOVA's Ba2 CFR; outlook stable

Moody's Ratings assigns Ba3 CFR to Capstone Copper, B1 to senior unsecured notes; outlook stable

Moody's Ratings assigns Caa1 to Bausch Health subsidiary's new sec. term loan and notes; affirms existing ratings; outlook stable

Moody's Ratings upgrades Collectif Santé Montreal S.E.C.'s senior secured to Baa1; outlook is stable

Moody's Ratings upgrades Canadian RMBS notes issued by Prime Structured Mortgage (PriSM) Trust

Moody's Ratings: No adverse rating impact on the ABCP issued by RIDGE following the amendment of a consumer equipment rental facility

Moody's Ratings downgrades Volkswagen's ratings to Baa1, outlook stable

Moody's Ratings upgrades CBHP Limited Partnership's rating to A2 from A3; outlook revised to stable

Moody's Ratings affirms Cascade Parent Limited's B3 CFR; outlook negative on refinancing risk

Moody's Ratings affirms the Regional Municipality of Halton's Aaa ratings with a stable outlook

Moody's Ratings affirms the Regional Municipality of Durham's Aaa ratings with a stable outlook

Moody's Ratings assigns Baa1 ratings to Canadian Pacific Railway's new notes

Moody's Ratings affirms Quad/Graphics' CFR at B1, outlook is stable

Moody's Ratings downgrades Mitel's PDR to D-PD following Chapter 11 bankruptcy filing

Moody's Ratings upgrades GFL Environmental's CFR to Ba2, outlook stable

Moody's Ratings assigns B3 rating to New Gold's new notes; revises outlook to positive

Moody's Ratings changes Algoma's outlook to negative; affirms B3 CFR

28 February 2025

Moody's Ratings: No adverse rating impact on the ABCP issued by SAFE, SOUND, STABLE and SURE following the upsizing of a residential mortgage facility

28 February 2025

Moody's Ratings: No adverse rating impact on notes issued by Stonebriar Commercial Finance LLC following contract substitution

26 February 2025

Moody's Ratings changes Agnico Eagle's outlook to positive from stable; affirms Baa1 rating

21 February 2025

Moody's Ratings downgrades Nissan Canada's backed senior unsecured rating to Ba1 from Baa3, maintains negative outlook following similar actions on parent's ratings

21 February 2025

Moody's Ratings downgrades Nissan Canada's backed senior unsecured rating to Ba1 from Baa3, maintains negative outlook following similar actions on parent's ratings

20 February 2025

Moody's Ratings assigns ratings to CIBC's HELOCS Trust, Series 2025-2

14 February 2025

Moody's Ratings corrects the website display for HSBC Bank Canada

12 February 2025

Moody's Ratings affirms A2 senior secured rating for SGTP Highway Bypass Limited Partnership; Outlook is stable

11 February 2025

Moody's Ratings assigns Baa3 ratings to Bell Canada's proposed subordinated notes and affirms its Baa2 senior unsecured ratings

11 February 2025

Moody's Ratings: No rating impact on HELOCS Trust receivables-backed notes following account addition

11 February 2025

Moody's Ratings affirms Thomson Reuters' Baa1 senior unsecured ratings and assigns Baa1 ratings to TR Finance's exchange notes

7 February 2025

Moody's Ratings affirms A3 rating on Access Prairies Partnership, changes rating outlook to positive

6 February 2025

Moody's Ratings downgrades Paramount's CFR to B1 and will subsequently withdraw ratings at issuer's request

6 February 2025

Moody's Ratings assigns Ba1 ratings to Rogers' proposed subordinated notes and affirms its Baa3 unsecured ratings

4 February 2025

Moody's Ratings affirms Alberta PowerLine Limited Partnership's (APL) A1 senior secured rating; outlook stable

4 February 2025

Moody's Ratings withdraws Array's ratings at issuer's request

23 January 2025

Moody's Ratings affirms the City of Toronto's Aa1 ratings with a stable outlook

23 January 2025

Moody's Ratings changes Patchell Holdings Inc.'s outlook to positive, affirmed B3 CFR

22 January 2025

Moody's Ratings assigns A3 to Plenary PCL Health HIEP LP's senior secured bonds; outlook is stable

22 January 2025

Moody's Ratings says Array's debt term loan amendment is a distressed exchange

21 January 2025

Moody's Ratings downgrades Avison Young's CFR to Caa1; negative outlook

17 January 2025

Moody's Ratings raises the covered bond anchor for the Fédération des caisses Desjardins du Québec Legislative Covered Bond Programme

16 January 2025

Moody's Ratings withdraws Granite Real Estate Investment Trust's ratings on issuer's request

13 January 2025

Moody's Ratings upgrades IAMGOLD's CFR to B2; outlook is stable

Moody's Ratings places GFL Environmental's ratings under review for upgrade

23 DECEMBER 2024

Moody's Ratings changes Vermilion's outlook to positive following Westbrick acquisition; affirms B1 CFR

18 DECEMBER 2024

Moody's Ratings affirms Gateway Casinos' B3 CFR, stable outlook

16 DECEMBER 2024

Moody's Ratings upgrades National Bank of Canada's long-term ratings (deposits Aa2 from Aa3), concluding review; outlook stable

16 DECEMBER 2024

Moody's Ratings affirms ratings of Canadian Imperial Bank of Commerce (A2 junior senior unsecured); outlook remains stable

16 DECEMBER 2024

Moody's Ratings downgrades Conuma Resources' CFR to Caa2; outlook negative

12 DECEMBER 2024

Moody's Ratings downgrades Groupe Solmax Inc.'s CFR to B3, stable outlook

5 DECEMBER 2024

Moody's Ratings affirms CIBC Mellon Trust's long-term ratings; outlook changed to stable from negative

3 DECEMBER 2024

Moody's Ratings says Doman's ratings are unaffected by the proposed add-on notes

2 DECEMBER 2024

Moody's Ratings changes Nissan Canada's (Baa3 backed senior unsecured) outlook to negative following similar action on parent's ratings

2 DECEMBER 2024

Moody's Ratings assigns B3 rating to BGIS's upsized and repriced credit

2 DECEMBER 2024

Moody's Ratings affirms Canada Pension Plan Investment Board's Aaa issuer rating; outlook remains stable

26 November 2024

Moody's Ratings upgrades Dexter Nova Alliance GP's rating to A2; changes outlook to stable

22 November 2024

Moody's Ratings upgrades Enerflex's CFR to Ba3; outlook stable

22 November 2024

Moody's Ratings assigns definitive ratings to Ford Credit Auto Owner Trust 2024-D

21 November 2024

Moody's Ratings changes Strathcona's outlook to positive; affirms B1 CFR

19 November 2024

Moody's Ratings affirms Coastal GasLink Pipeline Limited Partnership's A3 bond ratings; outlook is stable

19 November 2024

Moody's Ratings assigns Ba2 to Methanex US Operations Inc.'s proposed senior notes; outlook stable

18 November 2024

Moody's Ratings affirms ratings of Bank of Nova Scotia (A2 junior senior unsecured); outlook stable

18 November 2024

Moody's Ratings assigns Ba3 rating to NOVA's senior unsecured notes; upgrades senior secured notes to Baa3

15 November 2024

Moody's Ratings assigns Prime-1 (sf) rating to Rideau Trail Funding Trust

14 November 2024

Moody's Ratings places Paramount Resources Ltd.’s ratings under review for downgrade

14 November 2024

Moody's Ratings assigns provisional ratings to Ford Credit Auto Owner Trust 2024-D

12 November 2024

Moody's Ratings affirms ratings of BMO Financial Corp. and BMO Bank N.A.; outlook stable

12 November 2024

Moody's Ratings assigns B3 rating to AAG FH UK plc's proposed senior unsecured global notes; outlook changes to negative

1 November 2024

Moody’s Ratings: No adverse rating impact on the ABCP issued by Merit and Prime following amendments to an existing facility

31 October 2024

Moody's Ratings affirms Public Sector Pension Investment Board's Aaa long-term issuer rating; outlook remains stable

30 October 2024

Moody's Ratings assigns provisional ratings to four CMBS classes of Real Estate Asset Liquidity Trust, Commercial Mortgage Pass-Through Certificates, Series 2024-RONA

29 October 2024

Moody's Ratings upgrades Xplore's CFR to B3; outlook is stable

29 October 2024

Moody's Ratings assigns B2 to Great Canadian Gaming's senior secured notes; stable outlook

28 October 2024

Moody's Ratings assigns definitive ratings to first issuance from CIBC's HELOCS Trust

24 October 2024

Moody's Ratings changes NOVA's outlook to stable from negative; ratings affirmed

23 October 2024

Moody's Ratings downgrades the long-term ratings of The Toronto-Dominion Bank and TD Group US Holdings LLC; outlooks changed to stable

23 October 2024

Moody's Ratings affirms Great Canadian Gaming's B3 CFR; stable outlook

22 October 2024

Moody's Ratings assigns Baa2 issuer rating to West Fraser; stable outlook

21 October 2024

Moody's Ratings assigns B3 rating to Mercer's proposed add-on notes

21 October 2024

Moody's Ratings assigns B1 CFR to Aris Mining; outlook stable

21 October 2024

Moody's Ratings assigns first-time A1/P-1 deposit ratings to KEB Hana Bank Canada; outlook stable

18 October 2024

Moody's Ratings assigns provisional ratings to first issuance from CIBC's HELOCS Trust

Moody's Ratings affirms ratings of Royal Bank of Canada (A1 junior senior unsecured); outlook remains stable

Moody's Ratings changes Newfoundland Power's outlook to negative; affirms ratings

Moody's Ratings says CNRL's debt-funded acquisition of Chevron's Canadian assets is credit negative

Moody's Ratings says Doman's ratings and outlook are unaffected by the acquisition of Tucker Lumber

Moody's Ratings assigns provisional ratings to four classes to be issued by Pure Industrial Issuer Trust Canada

Moody’s Ratings is proud to be named Second Opinion Provider of the Year in the IJGlobal ESG Awards for the second year in a row.

Learn more about Moody’s Ratings SPOs

07 FEB 2025

Cross-Sector – Canada: Planned tariffs pose risks for companies, P3s and structured finance sector

04 FEB 2025

Exploration & Production – Canada: Outsized exposure to US market tests Canadian producers of oil and natural gas

27 JAN 2025

Indigenous support and investment participation will help mitigate project risks

Moody’s Ratings in Canada
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Moody’s Ratings is a leading global provider of credit ratings, research, and risk analysis. A rating from Moody’s Ratings may enable Canadian issuers to create timely, go-to-market debt strategies with the ability to capture wider investor focus and provides investors with a comprehensive view of global and local debt markets through our credit ratings and research. Moody’s Ratings trusted insights can help decision-makers in Canada to navigate through turmoil and market volatility.

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Publication highlights

February 7, 2025

Cross-Sector – Canada: Planned tariffs pose risks for companies, P3s and structured finance sector

While paused for now, planned tariffs by the US and a retaliation by Canada would be broadly credit negative for Canadian companies. Higher costs stand to reduce demand, increase operating expenses and curb profitability. However, the full impact on Canadian businesses would unfold gradually.

February 4, 2025

Exploration & Production – Canada: Outsized exposure to US market tests Canadian producers of oil and natural gas

While delayed for now, the 10% tariff that the Trump administration has proposed levying on Canadian energy products beginning in March would carry economic and policy risks, and introduce uncertainty that threatens to dampen M&A activity, equity valuations and capital investments.

January 27, 2025

Indigenous support and investment participation will help mitigate project risks

Canadian energy infrastructure firms are set to increasingly pursue projects on Indigenous territory, with many of the initiatives involving Indigenous communities as co-investors. Hundreds of projects are underway involving renewable energy generation, critical mineral development and pipelines.

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Upcoming events

Thursday, March 27, 2025

Navigating the New Normal: Key Credit Themes and Market Trends in the Packaging Industry

Tuesday, April 1, 2025

Sizing Up Systemic Risk

In-Person event

Tuesday, April 8

2025 Toronto Sustainable Finance Roundtable

Please be advised that this event is invite-only. Registration will be on a first-come, first-serve basis.

Wednesday, April 30, 2025

US trade policy and government downsizing: Economic impact and credit risks

MOODY’S RATINGS IN CANADA BY THE NUMBERS

C$

3.9

tn

Total rated Canadian debt¹

40

+

Toronto-based Analysts

1,400

+

Total Canada related publications²

360

+

Rated Canadian issuers

1. Moody’s Ratings and Dealogic, as of 23 February 2024.
2. Moody’s Ratings, last 12 months as of to 23 February 2024.

Past events

Tuesday, March 11 2025

2025 Moody's Canadian Structured Finance Outlook Webinar

Wednesday, 5 February 2025

Credit Trends 2025 - North America

Thursday, 30 January 2025

2025 Canadian Provinces Outlook

Wednesday, 29 January 2025

2025 Global CMBS & CRE CLOs Outlook

Wednesday, 22 January 2025

2025 Global CLO Outlook

Wednesday, 22 January 2025

2025 AI Outlook

Tuesday, 21 January 2025

2025 Data Centers Outlook

Thursday, 09 January 2025

2025 North America & EMEA Corporate Finance Outlook

November 21, 2024

Financial Institutions Briefing - Toronto

November 20, 2024

Financial Institutions Briefing - Montreal

2024 Canadian Infrastructure Briefing - Montreal Edition

2024 Canadian Infrastructure Briefing - Toronto Edition

An update on Canada and the provinces: Debt affordability, fiscal policy and growth

Green tech innovation: prosperity and pitfalls in the IRA era

2024 Moody's Canadian Structured Finance Outlook Webinar

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Tammy Ho

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Toronto, Ontario

Tammy.Ho@moodys.com

+1.416.214.3632

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Relationship Management
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Ghassan.Talib@moodys.com

+1.416.214.3859

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Toronto, Ontario

Jen.Tse@moodys.com

+1.416.214.7860

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Senior Vice President
US & Canada Project Finance

Dana.Hankin@moodys.com

+1.212.553.2993

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Structured Finance Canada

Daniel.Rankin@moodys.com

+1.212.553.4911

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