DBRS Assigns Final Rating to Laurentian Bank’s Non-Viability Contingent Capital Preferred Shares of Pfd-3 (low), Positive

DBRS has today finalized its provisional rating of Pfd-3 (low) with a Positive trend on Laurentian Bank of Canada’s (the Bank) Non-Cumulative Class A Preferred Shares, Series 13 (NVCC Preferred Shares Series 13).

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 of the provisional rating’s assignment on March 25, 2014. For further details on the provisional rating, please see the DBRS press release, “DBRS Provisionally Rates Laurentian Bank’s Non-Viability Contingent Capital Preferred Shares Pfd-3 (low), Positive.”

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 (including, subject to the approval of the Office of the Superintendent of Financial Institutions (OSFI), to fund the Series 10 Redemption which the Bank currently intends to bring into effect on June 16, 2014).

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:

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 2013), which can be found on our website under Methodologies.

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