DBRS Assigns AAA Rating to BNS Covered Bonds, Series 9 (Tranche 2)

DBRS Limited (DBRS) has today assigned a AAA rating to the Series 9 (Tranche 2) covered bonds issued under the Bank of Nova Scotia (BNS) Global Public Sector Covered Bond Programme (the Programme). The Tranche 2 of US$250 million is a re-opening of the existing Series 9 covered bonds and has the same coupon rate (three-month LIBOR + 0.42%) and maturity date (March 22, 2017). As all covered bonds issued under the Programme rank pari passu with each other, DBRS has also confirmed the AAA ratings of all other outstanding series.

Notes:
The principal methodology applicable is Rating Canadian Covered Bonds, which can be found on www.dbrs.com.

The sources of information used for this rating include loan-level data provided by BNS. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

This rating concerns a newly issued financial instrument.

This is the first DBRS rating on this financial instrument.

For additional information on this rating, please see the Canadian Covered Bonds Linking Document.

Lead Analyst: Kevin Chiang
Rating Committee Chair: Jamie Feehely
Initial Rating Date: May 7, 2012
Most Recent Rating Update: May 7, 2012

This rating is endorsed by DBRS Ratings Limited for use in the European Union.

There is no rating report for this issuance. More details on the Cover Pool and the Programme are provided in the Monthly Canadian Covered Bond Report, which is available by clicking on the link under Related Research or by contacting us at info@dbrs.com.