Standard & Poor's upholds the Caisse de dépôt et placement du Québec's high credit ratings and confirms its adequate liquidity position



    MONTREAL, Oct. 1 /CNW Telbec/ - In a report made public September 28,
2007, rating agency Standard & Poor's upheld the short-term (A-1+) and
long-term (AAA) credit ratings of the Caisse de dépôt et placement du Québec
and its subsidiary CDP Financial, both with a stable outlook. The agency
arrived at this decision after a study of the commercial paper market and the
Caisse's situation. The agency's analysis indicates that the Caisse has ample
liquid assets that will enable it to meet its liquidity requirements over the
short-, medium- and long-term, despite the liquidity crisis related to
third-party asset-backed commercial paper.
    This assessment corroborates the Caisse's position that it has sufficient
liquid assets to handle its own needs as well as those of its depositors,
whether they are insurance or pension plans. It should be pointed out that the
Caisse plans to provide an update on its commercial paper portfolio when it
makes its annual disclosure of holdings.
    These credit ratings are the highest assigned by Standard & Poor's, which
points out that they are a reflection of the Caisse's effective governance and
strong financial position.
    The Caisse and CDP Financial have been assigned the highest issuer credit
ratings by Moody's Investors Service (Moody's), Standard and Poor's (S&P) and
Dominion Bond Rating Service (DBRS). For its short-term notes program, CDP
Financial has obtained a rating of P-1 from Moody's, A-1 (high) from S&P and
R-1 (high) from DBRS.
    As at December 31, 2006, CDP Financial had issued short-term notes in the
amount of CA$4.1 billion and medium-term notes worth CA$1.5 billion. CDP
Financial's financing programs are guaranteed by the Caisse.
    The complete Standard and Poor's report is available on the Caisse's Web
site at: www.lacaisse.com.

    La Caisse de dépôt et placement du Québec is a financial institution that
manages funds for primarily public and private pension and insurance plans. As
at December 31, 2006, it held CA$143.5 billion in net assets. One of the
leading institutional fund managers in Canada, the Caisse invests in the main
financial markets, as well as in private equity and real estate.




For further information:

For further information: Gilles des Roberts, Caisse de dépôt et
placement du Québec, (514) 847-2175


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