DBRS Confirms AAA Ratings of Six Canadian Covered Bond Programs

DBRS has today confirmed the ratings of the outstanding series of covered bonds of all the programs with insured mortgages as cover pool collateral as part of DBRS’s continued effort to provide timely credit rating opinions and increased transparency to market participants:

Bank of Montreal (Global Public Sector Covered Bond Programme) (BMO)
-- Covered Bonds, Series 2, Tranche 1 at AAA
-- Covered Bonds, Series 3, Tranche 1 at AAA
-- Covered Bonds, Series 4, Tranche 1 at AAA
-- Covered Bonds, Series 5, Tranche 1 at AAA

Bank of Nova Scotia (Global Public Sector Covered Bond Programme) (BNS)
-- Covered Bonds, Series 1 at AAA
-- Covered Bonds, Series 2 at AAA
-- Covered Bonds, Series 3 at AAA
-- Covered Bonds, Series 4 at AAA
-- Covered Bonds, Series 5 at AAA
-- Covered Bonds, Series 6 at AAA
-- Covered Bonds, Series 7 at AAA
-- Covered Bonds, Series 8 at AAA
-- Covered Bonds, Series 9 (Tranche 1) at AAA
-- Covered Bonds, Series 9 (Tranche 2) at AAA

Caisse centrale Desjardins du Québec (Global Covered Bond Programme) (CCDQ)
-- Covered Bonds, Series 1 at AAA
-- Covered Bonds, Series 2 at AAA

Canadian Imperial Bank of Commerce (Global Public Sector Covered Bond Programme) (CIBC)
-- Covered Bonds, Series CB3 at AAA
-- Covered Bonds, Series CB6 at AAA
-- Covered Bonds, Series CB7 (Tranche 1) at AAA
-- Covered Bonds, Series CB7 (Tranche 2) at AAA
-- Covered Bonds, Series CB8 at AAA
-- Covered Bonds, Series CB9 at AAA
-- Covered Bonds, Series CB10 at AAA
-- Covered Bonds, Series CB11 at AAA
-- Covered Bonds, Series CB12 at AAA
-- Covered Bonds, Series CB13 at AAA
-- Covered Bonds, Series CB14 at AAA

National Bank of Canada (Global Public Sector Covered Bond Programme) (NBC)
-- Covered Bonds, Series 1 at AAA
-- Covered Bonds, Series 2 (Tranche 1) at AAA
-- Covered Bonds, Series 2 (Tranche 2) at AAA

The Toronto-Dominion Bank (Global Public Sector Covered Bond Programme) (TD)
-- Covered Bonds, Series 1 at AAA
-- Covered Bonds, Series 2 at AAA
-- Covered Bonds, Series 3 at AAA
-- Covered Bonds, Series 4 at AAA

The confirmations are based on the Strong legal framework assessment for Canadian covered bonds, the issuer ratings of AA or AA (low) and the credit quality of the cover pool. After the application of market value spread (see DBRS’s press release dated June 13, 2013), the asset percentages for the above programs are now as follows:

-- 96.5% (BMO)
-- 97% (BNS)
-- 94.5% (CCDQ)
-- 97% (CIBC)
-- 94% (NBC)
-- 97% (TD)

As all of the above programs are grandfathered from the Canadian covered bond legislation and exempted from the application of the related guide, new issuance is no longer allowed under these programs.

More details on the programs are provided in the Monthly Canadian Covered Bonds Report, which is available by clicking on the link under Related Research or by contacting us at info@dbrs.com.

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

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.

The applicable methodologies are Rating Canadian Covered Bonds and Canadian Structured Finance Surveillance, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.