Press Release

DBRS Correction: Canadian Banks’ Preferred Shares and Tier 1 Innovative Instruments UR-Neg.

Banking Organizations

April 21, 2009

In the DBRS press release published yesterday announcing that the preferred shares and Tier 1 innovative instruments ratings of all the Canadian banks that DBRS rates had been placed Under Review with Negative Implications, the HSBC Canada Asset Trust Securities (HSBC HaTS) (no guarantee) issued by HSBC Canada Asset Trust should also have appeared in the rating table.

There were no changes to the text of the press release, but the corrected rating table appears below and the full press release is available at www.dbrs.com.

Ratings

BMO Capital Trust

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Trust Capital Securities (BMO BOaTS)- Series A	A (high)	--	UR-Neg.	CA E
20-Apr-09	Trust Capital Securities (BMO BOaTS)- Series B	A (high)	--	UR-Neg.	CA E
20-Apr-09	Trust Capital Securities (BMO BOaTS)- Series C	A (high)	--	UR-Neg.	CA E
20-Apr-09	Trust Capital Securities (BMO BOaTS)- Series D	A (high)	--	UR-Neg.	CA E
20-Apr-09	Trust Capital Securities - Series E (BMO BOaTS - Series E)	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	BMO Tier 1 Notes – Series A	A (high)	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Scotiabank Trust Securities	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-1	--	UR-Neg.	CA U E
20-Apr-09	Non-Cumulative Preferred Shares (Excluding Series 10)	Pfd-1	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-1	--	UR-Neg.	CA U E
20-Apr-09	Non-Cumulative Preferred Shares	Pfd-1	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	CIBC Tier 1 Notes	A (high)	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-1	--	UR-Neg.	CA U E
20-Apr-09	Non-Cumulative Preferred Shares (Excluding Series 26, Series 27 and Series 29)	Pfd-1	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Non-Cumulative Preferred Shares Class I (no guarantee)	Pfd-1	--	UR-Neg.	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	HSBC Canada Asset Trust Securities (HSBC HaTS) (no guarantee)	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-3 (high)	--	UR-Neg.	CA
20-Apr-09	Non-Cumulative Preferred Shares	Pfd-3 (high)	--	UR-Neg.	CA

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Trust Capital Securities - Series 1 (NBC CapS II - Series 1)	A	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Trust Capital Securities - Series 1 (NBC CapS - Series 1)	A	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-1 (low)	--	UR-Neg.	CA U E
20-Apr-09	Non-Cumulative Preferred Shares	Pfd-1 (low)	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Trust Capital Securities, Series 2010, 2011, 2013, 2015, 2008-1	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Cumulative Preferred Shares	Pfd-1	--	UR-Neg.	CA U E
20-Apr-09	Non-Cumulative Preferred Shares (Excluding Series W)	Pfd-1	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Scotiabank Trust Securities	A (high)	--	UR-Neg.	CA U E
20-Apr-09	Scotiabank Trust Securities - Series 2006-1 (Scotia BaTS - Series 2006-1)	A (high)	--	UR-Neg.	CA U E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	Capital Trust Securities (TD CaTS)	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	TD Capital Trust II Securities (TD CaTS II)	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	TD Capital Trust III Securities (TD CaTS III)	A (high)	--	UR-Neg.	CA E

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
20-Apr-09	TD Capital Trust IV Notes (TD CaTS IV) (Series 1)	A (high)	--	UR-Neg.	CA U E

Show More Issuers

BMO Capital Trust

Trust Capital Securities (BMO BOaTS)- Series A

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Trust Capital Securities (BMO BOaTS)- Series B

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Trust Capital Securities (BMO BOaTS)- Series C

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Trust Capital Securities (BMO BOaTS)- Series D

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Trust Capital Securities - Series E (BMO BOaTS - Series E)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

BMO Capital Trust II

BMO Tier 1 Notes – Series A

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAUE

BNS Capital Trust

Scotiabank Trust Securities

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Bank of Montreal

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares (Excluding Series 10)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Bank of Nova Scotia, The

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

CIBC Capital Trust

CIBC Tier 1 Notes

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAUE

Canadian Imperial Bank of Commerce

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares (Excluding Series 26, Series 27 and Series 29)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

HSBC Bank Canada

Non-Cumulative Preferred Shares Class I (no guarantee)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CA

HSBC Canada Asset Trust

HSBC Canada Asset Trust Securities (HSBC HaTS) (no guarantee)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Laurentian Bank of Canada

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

Non-Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-3 (high)
Trend:--
Rating Recovery:
Issued:CA

NBC Asset Trust

Trust Capital Securities - Series 1 (NBC CapS II - Series 1)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A
Trend:--
Rating Recovery:
Issued:CAUE

NBC Capital Trust

Trust Capital Securities - Series 1 (NBC CapS - Series 1)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A
Trend:--
Rating Recovery:
Issued:CAE

National Bank of Canada

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1 (low)
Trend:--
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1 (low)
Trend:--
Rating Recovery:
Issued:CAUE

RBC Capital Trust

Trust Capital Securities, Series 2010, 2011, 2013, 2015, 2008-1

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

Royal Bank of Canada

Cumulative Preferred Shares

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Non-Cumulative Preferred Shares (Excluding Series W)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:Pfd-1
Trend:--
Rating Recovery:
Issued:CAUE

Scotiabank Capital Trust

Scotiabank Trust Securities

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAUE

Scotiabank Trust Securities - Series 2006-1 (Scotia BaTS - Series 2006-1)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAUE

TD Capital Trust

Capital Trust Securities (TD CaTS)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

TD Capital Trust II

TD Capital Trust II Securities (TD CaTS II)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

TD Capital Trust III

TD Capital Trust III Securities (TD CaTS III)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAE

TD Capital Trust IV

TD Capital Trust IV Notes (TD CaTS IV) (Series 1)

Date Issued:Apr 20, 2009
Rating Action:UR-Neg.
Ratings:A (high)
Trend:--
Rating Recovery:
Issued:CAUE

Show More Issuers

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

Brands

Products

Segments

Insights

Company

Connect

DBRS Correction: Canadian Banks’ Preferred Shares and Tier 1 Innovative Instruments UR-Neg.

Ratings

BMO Capital Trust

BMO Capital Trust II

BNS Capital Trust

Bank of Montreal

Bank of Nova Scotia, The

CIBC Capital Trust

Canadian Imperial Bank of Commerce

HSBC Bank Canada

HSBC Canada Asset Trust

Laurentian Bank of Canada

NBC Asset Trust

NBC Capital Trust

National Bank of Canada

RBC Capital Trust

Royal Bank of Canada

Scotiabank Capital Trust

TD Capital Trust

TD Capital Trust II

TD Capital Trust III

TD Capital Trust IV

Download This Press Release