Port Authorities Management Regulations (SOR/99-101)

Regulations are current to 2019-06-20 and last amended on 2016-03-29. 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

      ItemColumn 1Column 2Column 3Column 4
      Rating EntityRatingRatingRating
      1Canada Bond Rating Service Inc. (CBRS)A+ (low)A1 (low)A
      2Dominion Bond Rating Service Limited (DBRS)AA (low)R1 (low)A
      3Fitch ICBA Inc.AA–A1A
      4Moody’s Investors ServiceAa3P1A2
      5Standard & Poor’sAA–A1A
 
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