DBRS Confirms Ratings for Canadian Crown Agents and Canadian Wheat Board

DBRS has today, following the confirmation of the Government of Canada on July 18, 2014, confirmed the long-term ratings at AAA and short-term ratings at R-1 (high) on certain Crown agents: Business Development Bank of Canada, Canada Mortgage and Housing Corporation, Canada Post Corporation, Export Development Canada and Farm Credit Canada. In addition, the guaranteed debt of The Canadian Wheat Board has also been confirmed. All trends are Stable.

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.

The applicable methodologies are Rating Agents of the Crown and DBRS Criteria: Guarantees and Other Forms of Explicit Support, which can be found on our website under Methodologies.

These ratings are endorsed by DBRS Ratings Limited for use in the European Union.

Canada Post Corporation’s full report providing additional analytical detail is available by clicking on the link under Related Research at the right of the screen or by contacting us at info@dbrs.com.

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

Ratings

Business Development Bank of Canada

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Short-Term Liabilities, Cdn&Frgn Currency (bsd on Gov't Cda)	R-1 (high)	Stb	Confirmed	CA

More

Canada Mortgage and Housing Corporation

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	All Debt Securities, Cdn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	All Foreign Currency Securities (bsd on Gov't of Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	NHA Mortgage-Backed Securities, LT (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Commercial Paper (bsd on Gov't Cda)	R-1 (high)	Stb	Confirmed	CA
18-Jul-14	NHA Mtge-Backed Secs., S.T. (bsd on Gov't Canada)	R-1 (high)	Stb	Confirmed	CA

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Canada Post Corporation

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	Long-Term Debt	AAA	Stb	Confirmed	CA

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Canadian Wheat Board, The

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	Guaranteed Long-Term Liabilities, Cdn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA E
18-Jul-14	Guaranteed Long-Term Liabilities, Frgn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA E
18-Jul-14	Guaranteed Short-Term Liabilities (bsd on Gov’t Cda)	R-1 (high)	Stb	Confirmed	CA E

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Export Development Canada

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Short-Term Liabilities, Cdn&Frgn Currency (bsd on Gov't Cda)	R-1 (high)	Stb	Confirmed	CA

More

Farm Credit Canada

Date Issued	Debt Rated	Rating	Trend	Action	Attributesi
18-Jul-14	Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)	AAA	Stb	Confirmed	CA
18-Jul-14	Short-Term Liabilities, Cdn & Frgn Currency (bsd on Gov't Cda)	R-1 (high)	Stb	Confirmed	CA

More

Business Development Bank of Canada

Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Short-Term Liabilities, Cdn&Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CA

Canada Mortgage and Housing Corporation

All Debt Securities, Cdn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

All Foreign Currency Securities (bsd on Gov't of Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

NHA Mortgage-Backed Securities, LT (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Commercial Paper (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CA

NHA Mtge-Backed Secs., S.T. (bsd on Gov't Canada)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CA

Canada Post Corporation

Long-Term Debt

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Canadian Wheat Board, The

Guaranteed Long-Term Liabilities, Cdn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CAE

Guaranteed Long-Term Liabilities, Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CAE

Guaranteed Short-Term Liabilities (bsd on Gov’t Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CAE

Export Development Canada

Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Short-Term Liabilities, Cdn&Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CA

Farm Credit Canada

Long-Term Obligations, Cdn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Long-Term Obligations, Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:AAA
Trend:Stb
Rating Recovery:
Issued:CA

Short-Term Liabilities, Cdn & Frgn Currency (bsd on Gov't Cda)

Date Issued:Jul 18, 2014
Rating Action:Confirmed
Ratings:R-1 (high)
Trend:Stb
Rating Recovery:
Issued:CA

ALL MORNINGSTAR DBRS RATINGS ARE SUBJECT TO DISCLAIMERS AND CERTAIN LIMITATIONS. PLEASE READ THESE DISCLAIMERS AND LIMITATIONS AND ADDITIONAL INFORMATION REGARDING MORNINGSTAR DBRS RATINGS, INCLUDING DEFINITIONS, POLICIES, RATING SCALES AND METHODOLOGIES.

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