Port Authorities Management Regulations (SOR/99-101)

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.

    Item	Column 1	Column 2	Column 3	Column 4
    	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