DBRS Confirms All Ratings of Canada Housing Trust™ No. 1

DBRS has today confirmed all of the outstanding rated notes issued by Canada Housing Trust™ No. 1 (the Bonds) as follows:

-- 3.60% Canada Mortgage Bonds™ Series 19 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 20 at AAA
-- 3.95% Canada Mortgage Bonds™ Series 21 at AAA
-- 3.55% Canada Mortgage Bonds™ Series 22 at AAA
-- 4.10% Canada Mortgage Bonds™ Series 23 at AAA
-- 4.10% Canada Mortgage Bonds™ Series 23c at AAA
-- 2.70% Canada Mortgage Bonds™ Series 24 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 25 at AAA
-- Fixed Rate Canada Mortgage Bonds™ Series 26 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 27 at AAA
-- Fixed Rate Canada Mortgage Bonds™ Series 28 at AAA
-- Fixed Rate Canada Mortgage Bonds™ Series 29 at AAA
-- 3.75% Canada Mortgage Bonds™ Series 30 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 31 at AAA
-- 2.75% Canada Mortgage Bonds™ Series 32 at AAA
-- 2.95% Canada Mortgage Bonds™ Series 33 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 34 at AAA
-- 3.15% Canada Mortgage Bonds™ Series 35 at AAA
-- 3.35% Canada Mortgage Bonds™ Series 36 at AAA
-- 2.45% Canada Mortgage Bonds™ Series 37 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 38 at AAA
-- 2.75% Canada Mortgage Bonds™ Series 39 at AAA
-- 3.80% Canada Mortgage Bonds™ Series 40 at AAA

-- 2.75% Canada Mortgage Bonds™ Series 41 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 42 at AAA
-- 1.85% Canada Mortgage Bonds™ Series 43 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 44 at AAA
-- 2.65% Canada Mortgage Bonds™ Series 45 at AAA
-- 2.05% Canada Mortgage Bonds™ Series 46 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 47 at AAA
-- 2.40% Canada Mortgage Bonds™ Series 48 at AAA
-- 1.70% Canada Mortgage Bonds™ Series 49 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 50 at AAA
-- 1.75% Canada Mortgage Bonds™ Series 51 at AAA
-- 2.35% Canada Mortgage Bonds™ Series 52 at AAA
-- Floating Rate Canada Mortgage Bonds™ Series 53 at AAA

The trends remain Stable.

The confirmation is part of DBRS’s continued effort to provide timely credit rating opinions and increased transparency to market participants.

The Bonds are backed by a full guarantee (the CMHC Guarantee) provided by the Canada Mortgage and Housing Corporation (CMHC) in its capacity as an agent of Her Majesty in Right of Canada. The Bonds are consequently rated at the same level as CMHC’s senior unsecured debt rating of AAA, which mirrors DBRS’s Canadian sovereign rating of AAA for the Government of Canada’s domestic and foreign currency obligations. As an agent of Her Majesty in Right of Canada, CMHC’s debt obligations and guarantees are direct obligations of the Government of Canada. The AAA rating is based solely on the CMHC Guarantee, without any review of the underlying collateral, as such information is not provided to DBRS.

Notes:
All figures are in Canadian dollars unless otherwise noted.

The applicable methodologies are Canadian Structured Finance Surveillance, Rating Sovereign Governments and Canadian Structured Finance Flow-Through Ratings, which can be found on our website under Methodologies.

The related regulatory disclosures pursuant to the National Instrument 25-101 Designated Rating Organizations are hereby incorporated by reference and can be found by clicking on the link to the right under Related Research or by contacting us at info@dbrs.com.

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