DBRS Discontinues Ratings on Dexia CAD Funding LLC

DBRS Inc. (DBRS) has today discontinued its Short-Term Instruments rating on Dexia CAD Funding LLC (Dexia CAD Funding) of R-1 (middle) Under Review with Negative Implications due to the repayment of the notes. DBRS had assigned a Short-Term rating to Dexia CAD Funding’s CAD3.5 billion Promissory Notes Programme (the Programme), guaranteed by Dexia Credit Local, New York Branch. There is no outstanding debt under the Programme. Previously, given this guarantee, the Short-Term Debt rating for Dexia CAD Funding LLC (Dexia CAD Funding) had been equalized with that of Dexia Crédit Local.

Dexia Crédit Local (Dexia CL or DCL)’s Senior Long-Term Debt & Deposits of A (low) and Short-Term Debt & Deposits ratings of R-1 (low) were withdrawn on 25 July 2013.

Note:
All figures are in Euros (EUR) unless otherwise noted.

The principal applicable methodology is the Global Methodology for Rating Banks and Banking Organisations. Other methodologies used include the DBRS Criteria – Intrinsic and Support Assessments and DBRS Criteria: Rating Bank Subordinated Debt and Hybrid Instruments with Discretionary Payments. These can be found at: http://www.dbrs.com/about/methodologies.

[Amended on January 12, 2015 to reflect actual methodologies used.]

The sources of information used for this rating include publicly available company documents and SNL Financial. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

Lead Analyst: Roger Lister
Rating Committee Chair: Alan G. Reid
Initial Rating Date: 12 February 2007
Most Recent Rating Update: 7 October 2011

For additional information on this rating, please refer to the linking document under Related Research.

For more information on this credit or on this industry, visit www.dbrs.com or contact us at info@dbrs.com.