DBRS Assigns Provisional Rating to CWB’s Non-Viability Contingent Capital Preferred Shares of Pfd-3, Stable

DBRS has today assigned a provisional rating to Canadian Western Bank’s (the Bank or CWB) Non-Cumulative 5-year Rate Reset First Preferred Shares Series 5 (NVCC Preferred Shares Series 5 or Series 5) of Pfd-3 with a Stable trend.

DBRS assigned the NVCC Preferred Shares Series 5 a rating equal to that of the Bank’s intrinsic assessment less four rating notches, as the Series 5 has only an Office of the Superintendent of Financial Institutions (OSFI)-compliant non-viable contingent capital (NVCC) trigger, which is consistent with the OSFI requirements for NVCC instruments, and no additional triggers.

Notes:
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.

The applicable methodology is Rating Bank Capital Securities – Subordinated, Hybrid, Preferred & Contingent Capital Securities (December 9, 2013), which can be found on our website under Methodologies.

For more information on DBRS’s methodologies and criteria or the banking industry, visit www.dbrs.com or contact us at info@dbrs.com.