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

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

Following the review of documentation associated with the recent offering, DBRS has confirmed that the terms of the issuance are consistent with those reviewed at the time the provisional rating was assigned on January 31, 2014. For further details on the provisional rating, please see the DBRS press release entitled “DBRS Assigns Provisional Rating to CWB’s Non-Viability Contingent Capital Preferred Shares of Pfd-3, Stable.”

The aggregate gross proceeds from the NVCC Preferred Shares Series 5 totalled $125 million. Proceeds from the issuance will be used for general business purposes.

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

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.