DBRS Updates MCAP Commercial LP Rating Report; No Rating Changes

DBRS has today updated its March 4, 2014, rating report for MCAP Commercial LP (MCAP) to include the Senior Secured Notes rating of BBB (low) with a Stable trend, which DBRS finalized in a press release issued on March 11, 2014. There are no changes to DBRS’s opinion of MCAP or the approach to the rating and there have been no changes to any of the ratings, including the BBB (low) Issuer Rating. The original rating report excluded the Senior Secured Notes because they had not yet been issued and the rating had not been finalized at that time.

As disclosed originally, DBRS has used the “Global Methodology for Rating Banks and Banking Organisations” adjusted to account for MCAP’s non-bank-like characteristics. The original rating report and accompanying National Instrument 25-101 disclosure documentation also made reference to DBRS’s bank preferred share methodology and the bank support assessment methodology. Since MCAP is a non-bank and non-deposit-taking lender, DBRS has not used either of these methodologies and chosen to not assign a support assessment at this time. The updated report more accurately describes the methodology used.

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 methodology is Global Methodology for Rating Banks and Banking Organisations, which can be found on our website under Methodologies. In applying this methodology DBRS has allowed for the fact that the credit in question is not a bank.