DBRS Finalizes Rating on Scotia BaTS III – Series 2009-1 at A (high) Under Review with Negative Implications

DBRS has today assigned a final rating of A (high) Under Review with Negative Implications to the 7.802% Scotiabank Tier 1 Securities – Series 2009-1 Due June 30, 2108 (Scotia BaTS III Series 2009-1) issued by Scotiabank Tier 1 Trust. Scotiabank Tier 1 Trust is a trust established under the laws of Ontario.

The Scotia BaTS III Series 2009-1 securities are expected to be included as Tier 1 capital for bank regulatory purposes. Given the structure, the Scotia BaTS III Series 2009-1 issuance represents a cost-effective means of raising Tier 1 capital.

The rating incorporates information from the Short Form Prospectus dated April 30, 2009.

Notes:
The applicable methodology is Rating Banks in Canada, which can be found on our website under Methodologies.

This is a Corporate (Financial Institutions) rating.