On June 7, 2019, S&P Global Ratings assigned its 'A-2' short-term issuer credit rating to Toronto-based Canadian Tire Corp. Ltd. (CTC). We also assigned our 'A-2' global scale rating to the company's US$1 billion commercial paper (CP) program. The 'BBB+' long-term issuer credit rating and stable outlook on CTC are unchanged. The CP program is back-stopped by the same-day availability of CTC's C$1.975 billion committed revolving credit facility. The 'A-2' rating incorporates our view that the company will maintain sufficient liquidity (cash on hand and availability under revolver) on a same-day basis to fully fund all CP maturities as they come due. We base our 'A-2' short-term issuer credit rating on our 'BBB+' long-term issuer credit rating on CTC. The
