OTPPBOntario Teachers Pension Plan Board (Canada)
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The OTPPB is representative of a growing trend towards professional pension management.
The OTPPB is a 50-50 partnership, but risk tolerance is very asymmetric.
With respect to PANYNJ's other consent requirements, OTPPB is generally prepared to make substantially the same concessions as were made by the buyer of PNCT.
In addition to the foregoing, OTPPB is willing to commit to significant increases in terminal capacity at both NYCT and Global as part of negotiations with PANYNJ with respect to an extension of the lease at NYCT and a lease of land at Global.
OOIL and OTPPB hope that PANYNJ will facilitate this growth by accepting this proposal.
We look forward to working with OTPPB in this investment.
The Ontario Teachers' Pension Plan, through its subsidiary OTPPB US Power LLC, has purchased a 50 percent interest in Northern Star Generation LLC from AIG Highstar Generation, LLC, a member of AIG Global Investment Group (AIGGIG).
The issue rating reflects the unconditional and irrevocable guarantee provided by OTPPB.
The rating on the issue reflects the creditworthiness of OTPPB and its strong financial position as one of the largest Canadian pension plans.
With over CAD $55 billion assets (USD $45 billion), the OTPPB is the largest pension plan in Canada and the 25th largest in the world.
Andrew Jones, vice president of finance of OTPPB said, "In selecting a new provider for our custody services, we wanted a company with the expertise to meet our unique operational requirements and the foresight to provide the resources that would make this a successful long-term partnership.
We agree with Wells Fargo's conclusions and thank them, CalPERs, OTPPB, Brandes, Banc of America and all the others who publicly or privately support us.