Port Authorities Management Regulations (SOR/99-101)
Full Document:
Regulations are current to 2012-05-14 and last amended on 2007-05-17. Previous Versions
SCHEDULE
(Paragraph 31(b))
REQUIREMENTS FOR CATEGORIES OF INVESTMENTS
Long-term Investments
1. (1) A long-term investment shall
(a) at a minimum, meet the rating requirements set out in column 2 of the table to this schedule in respect of at least two of the corresponding rating entities set out in column 1; and
(b) be issued by a borrower having a senior unsecured debt rating assigned by those rating entities.
(2) One of the rating entities shall be Moody’s Investors Service or Standard & Poor’s.
Short-term Investments
2. (1) Subject to subsection (2), a short-term investment shall, at a minimum, meet the rating requirements set out in column 3 of the table to this schedule in respect of at least two of the corresponding rating entities set out in column 1.
(2) A short-term investment that was originally issued for a term of one year or more shall
(a) at a minimum, meet the rating requirements set out in column 4 of the table to this schedule in respect of at least two of the corresponding rating entities set out in column 1; and
(b) be issued by a borrower having a senior unsecured debt rating assigned by those rating entities.
(3) One of the rating entities shall be Moody’s Investors Service or Standard & Poor’s if either of them assigns a rating for that investment.
TABLE
Column 1 Column 2 Column 3 Column 4 Item Rating Entity Rating Rating Rating 1. Canada Bond Rating Service Inc. (CBRS) A+ (low) A1 (low) A 2. Dominion Bond Rating Service Limited (DBRS) AA (low) R1 (low) A 3. Fitch ICBA Inc. AA– A1 A 4. Moody’s Investors Service Aa3 P1 A2 5. Standard & Poor’s AA– A1 A