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.
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.
OTPPB has provided a negative covenant against providing financial guarantees that in aggregate exceed 5% of OTPPB's net assets.
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.